maikisch

Morning Update: Solana very non-committal if in a wave 3

BINANCE:SOLUSD   Solana / U.S. Dollar
I don’t post everyday updating Solana because unlike the SPX futures , a lot of time is spent in an uncommitted fashion. Here’s what I mean:

We have what I’m considering a wave 1 in place off the $10.94 bottom in late November. Since then we have consolidated lower in what we would expect price to do in a wave 2, but during this time we have not come into an area that would be ideal for a wave 2 which would be $12.47 to $11.80. Some of my followers have DM’d asking if on the micro side we have an LD wave 1 and 2 in place for the start of wave 3. I have labeled those in purple. However, to start a wave 3 based on an LD is analogist to building a house on quicksand...not the best pattern to launch much higher off of.

Therefore, this wave 2 is being drawn out sub-dividing which is fine...but nothing has changed in my analysis from several days ago. A push lower and then an abrupt turn around to start a wave 3 headed towards the $18 level is still my expectation.

I'll update again once price pushes through $15 or we go lower than what I am anticipating. Until then, we wait.

Best to all,

Chris










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