As of now, nothing has changed with respect to my stop at $34.47 which is my by-in price. Crypto currency was not as correlated to the markets today as usual. I am still expecting the basket of Crypto I cover to catch up soon...however, it never hurts to discuss contingencies.
For this to be a wave iii of 3 it sure is getting a slow start. If Solana trades above $34.90 then that previous high was just the "a" wave of ii and were not in iii of 3 yet. Although possible and there are no Elliott Wave rules that would preclude this, the reason why I'm counting this as a iii of 3 and ii being done is timeframe. That would be long in duration for a sub wave ii. But it is something you should be on guard for. If we do get above $34.90 we could go as high as the larger wave 2 high of $39 without breaching it. Nonetheless, I've learned to trust my analysis till invalidated so I bring this up for risk management purposes only. As you know my trade plan is to get my stop in place where I bought-in as fast as reasonably possible. With todays decline below $32 for this to continue to be a sub wave iii there should be no reason to go above $34.
To recap we should be declining rather aggressively very soon or it is possible I may have prematurely declared sub wave ii done. In the mean time, I'm not doing anything to augment my trade or stop and my goal is to hold till new lows. If the small probability becomes a reality and I'm stopped out I would be looking to restrike higher as the pattern dictates. I want to encourage anyone who has a question about this trade to DM me. I live in Florida and we are now under a hurricane watch. It is possible I could loose power as the week progresses due to the storm. If I am no posting or answering DM's then the hurricane has caused power to go out.
Best to all,
Chris
For this to be a wave iii of 3 it sure is getting a slow start. If Solana trades above $34.90 then that previous high was just the "a" wave of ii and were not in iii of 3 yet. Although possible and there are no Elliott Wave rules that would preclude this, the reason why I'm counting this as a iii of 3 and ii being done is timeframe. That would be long in duration for a sub wave ii. But it is something you should be on guard for. If we do get above $34.90 we could go as high as the larger wave 2 high of $39 without breaching it. Nonetheless, I've learned to trust my analysis till invalidated so I bring this up for risk management purposes only. As you know my trade plan is to get my stop in place where I bought-in as fast as reasonably possible. With todays decline below $32 for this to continue to be a sub wave iii there should be no reason to go above $34.
To recap we should be declining rather aggressively very soon or it is possible I may have prematurely declared sub wave ii done. In the mean time, I'm not doing anything to augment my trade or stop and my goal is to hold till new lows. If the small probability becomes a reality and I'm stopped out I would be looking to restrike higher as the pattern dictates. I want to encourage anyone who has a question about this trade to DM me. I live in Florida and we are now under a hurricane watch. It is possible I could loose power as the week progresses due to the storm. If I am no posting or answering DM's then the hurricane has caused power to go out.
Best to all,
Chris
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