Solana presents the scenario we've been discussing for some time now. We might already be seeing the completion of Wave (2), with our entry point around $81. Since then, Solana has surged by 42%. However, we're still considering the possibility of an extended Wave (2) correction, now shaping into a flat structure. On closer examination, the recent upward movement appears to be in three parts. While it's possible to further develop Waves 3 and 4, creating a 5-wave structure, surpassing the $144 mark is crucial to definitively exclude the short-term bearish scenario.
There's some leeway with overshoots; a temporary spike (wick) doesn’t necessarily invalidate the ABC scenario. However, a sustained move beyond that would.
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Solana remains highly intriguing for us, having entered at $81 and currently positioned at $103, with a peak reaching $120. However, we suspect we're dealing with an extended Wave (2), potentially seeing Solana dip back below $80. Our stop-loss is set wide and remains unchanged, anticipating a possible downturn as the Wave (2) duration appears unusually short, which is atypical for such waves. Should Solana break above $143 or $144, it would signify the completion of Wave (2), propelling us directly into Wave (3). This phase could soar to at least $273.50, marking a minimum 238% increase.
If there's a downturn surpassing our expectations, we still believe it won't breach our $49 stop-loss—a significant drop beyond this, potentially down to $8.15, seems unlikely unless the broader crypto market faces turmoil. Even in such a scenario, it merely presents an opportunity for additional purchases. 💰
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For Solana, it's time for us to take profits for the first time, but we will not change our stop-loss. ✅ We consciously choose not to adjust it because we've seen a 66% increase since our entry point at around $81. While it might strongly appear that Wave 2 has concluded, we're not entirely convinced just yet. It's still possible for the price to drop again, which would indicate a significant fall. However, the structure within this wave suggests a 3-wave pattern, pointing towards an Expanded Flat correction. Once we break above the $144 mark, there will be nothing to stop us, confirming the end of Wave (2) and the confirmation of Wave (3). Until that happens, we believe there's still a chance for another downturn. Hence, we choose to stay invested in Solana, strongly believing in the ecosystem.
Therefore, we're taking out 25% of our position here
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It appears we might soon invalidate the scenario that we are dealing with a Wave ((b)) in Solana, as we have now surpassed the 138% level, moving beyond $144. We would like to observe a few more candles, preferably over the entire weekend, to be sure that this invalidation is confirmed and that Wave (2) has been completed. If so, we would find ourselves in Wave (3), for which we assume a minimum level of $274, marking a 238% increase from our entry. The speed of this development remains to be seen, but without a doubt, our entry on Solana was picture perfect.
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Congratulations indeed! For Solana, we now assume that we have, after all, completed Wave (2), which, as mentioned, is quite short in time but not impossible. We have sustained levels above the 138% mark for a longer period and should continue to do so. Should there be another drop, we will have the opportunity to place new entries, and we intend to do just that. Until then, we will definitely maintain our long-term entry here. We are extremely pleased with Solana and our entry into it. We are up 85% by now
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For Solana, we are now at a 115% gain, with the peak reaching 150% at the $200 level. Our entry at $81 was excellent, showing a strong performance by Solana. We're taking out 25% now to secure profits—there's no reason to get greedy. On the other hand, we also want to set a short-term entry for the subordinate Wave 4 we expect to see before the move upwards to Wave 5. We still anticipate that as part of Wave (3), Solana will reach a minimum level of $274, indicating a strong rise from our entry point. Whether we'll see this increase in a single move or if there will be interim corrections remains uncertain.
However, we will place our entry. We believe Wave 4 should fall within a range between 38.2% and 50%. Should we drop below this, we'll need to reassess. We won't yet move our stop loss from the first trade; there are no signs that it will become more challenging or that we'll need to correct downwards. We're still 50% away from our entry, which was precisely at the completion of Wave (2). So, we'll wait and see how things unfold.
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Whoops we got filled on Solana too. It seems as if we have completed the wave 4 but there is still a possibility that we are coming back down again, just keep that in mind. For now we are happy with our entry and we don't think Solana will get us into troubles in the near future. As always we are going to update you. We hope you enjoy the content
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In the 1-hour structure of Solana, we currently see the scenario where, at our Wave 4 entry point, we've developed Waves ((i)) and ((ii)), which returned quite precisely to our entry level. Since then, we've observed a positive reaction from Solana, as it continues to rise, and we expect it to approach the $210 mark soon. For Wave ((iii)), we anticipate that it will reach a minimum level of $221.6 to a maximum of $287. We do not expect it to surge significantly beyond this range. Therefore, these are the first zones where we might consider looking for entries for the subordinate Wave ((iv)). Until then, we continue to expect a significant rise for Solana.
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We got a lovely profit taking exit a few days back and now we are barely surviving this sell off. But we are still in this trade and if we are going to fall further, we would be stopped out break even with profits taken, so no need to worry here. For now it seems to hold but the weekend and the weekly close will be important.
What comes after the 2? I’m not good with this set up I forgot the name even bill Williams idk.. I think?? Anyway I know there are different forms or whatever and is this the End of the like continuum of numbers and letters 1-5 a-c 1-3? Or idk where does it go if it finds the next level that makes the actual bill Williams or whatever it’s called make a continued momentum? You know what I mean
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@CryptoFerk, it's Elliott Wave. After the completion of a Wave 2 normally a long and strong Wave 2 should follow. If Wave 2 really finds it bottom at around $81. We have our Price Target Set at at least $270 for Solana on a long-term basis.