Special Update: Is Solana is Bottoming Now?

In the 1930's RN Elliott devised his Wave Principle. After observing the markets for years and studying Dow Theory he made a bold call that the DJIA (at the time was $95) had bottomed, and he announced a new Major Cycle bull market was beginning. At the time the average had been in a decades long bear market. His pronouncement was ridiculed initially. However, price action is either the great redeemer or an open door to anonymity. This was the beginning of his work's recognition.

He theorized at the time there are 2 types of price actions...motive waves and corrective waves. Motive waves are price action that is with the trend. There are only 2 types of motive waves, Impulsive and Diagonals. If you will look at the above the chart this latest decline has been in a somewhat-clear diagonal down. Below is a micro count as best I can count this mess.

So it's hard to discern this move down is conclusively a diagonal but I want the people who follow me to know when you study patterns...not all real world patterns look like the ones that are nicely laid out in a power point presentation or when you Google...Elliott Wave Diagonal Pattern. In the real world you have to get into the fractals and decide on what you see in the details. A B wave CANNOT BE A DIAGONAL.

Therefore I believe this is a diagonal for a truncated 5 wave of c of C of SC2.

Now how do we confirm this? If this is an ending diagonal...when it completes price will head to where the diagonal started which should be the $18 area. Early this morning I purchased and filled on 1,000 Solana at $13.50. If this pattern completes and heads to $18 I'll set my stop at my buy in price or maybe a little lower. If we decline from that level correctively and take out the $18 level impulsively...then let's meet back here in 2 years to discuss SOLANA at $300?

Fair enough?

Best to all,

Chris Get Intraday Updates on ES & NQ, XLF, BTC, ETH, SOL, ADA, NG (Natural Gas) and Learn Elliott Wave and Become a Professional Trader for Profit. Also, see EVERY trade I open and close in real time. Daily conference calls Q&A at 430pm.

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