Evening Update: Solana begins it's descent to new lows

Pretty much all risks assets today starting to break supports and possibly begin their final descents into what could be construed as a massive risk asset bottoming event sometime in October. As for Solana, today we completed what could be considered a leading diagonal. Leading diagonals are trend reversal patterns. They are 5 wave structures comprised of 3,3,3,3,3 that overlap. Diagonals in general I do not trust but that is the pattern we have. If this is an LD down, our retrace should come into $43 to $46 area before resuming it's descent.

Micro chart below.


Once we have our 1-2 in place and we breach the wave 1 low I'll be able to post detailed targets for the way down. I'm not short now but may get short depending on how we retrace higher. I'll advise along the way.

Best to all,

Chris