From this Morning's Update... " I realize in a wave 4 price can do unpredictable things. I've written about how many times a practitioner of Elliot Wave Theory cannot see the pattern until is it's nearly complete. "
Today my DM's were mainly about how Solana is doing the exact opposite of what I posted this morning.
Yes, it did.
I stated this would be the...
SOLANA.. Long or Short
Well that depends on what Bitcoin does, on what Nasdaq does, on what the crypto market does.
I must admit: Today's Solana chart is the most 50-50% chart i have seen in a long time.
In this kind of cases I would chase it over the 50% mark with a stop loss at 49$ or under the 50$ mark with a stop loss at 51$
It will take a few attempts and...
This morning I want to focus on my "Ideal" expectations over the course of next couple days. I realize in a wave 4, price can do unpredictable things. I've written about how many times a practitioner of Elliot Wave Theory cannot see the pattern is it's nearly complete. The emotions and sentiments surrounding wave 4 activity in a downtrend are a battle between...
On the above 2-day chart price action has rallied 23000% in the last 18 months since the buy signal. Yes 1 Bitcoin becomes 90 Bitcoin. Amazing. A number of reasons now exist to be short, including:
1) The ‘incredible sell’ signal around $200. I recall seeing it but never published before now.
2) Broken market structure.
3) Everything said above is also true...
On the left side of this chart, you can see long/strong green candles.
This is how the market looks when we are in bull mode.
On the right side of this chart, you can see many red candles.
That's how the market looks like when the bears are in control.
This is Solana's (SOLUSD) bear run.
Solana just broke a downtrend by creating a higher higher and stopping lower high sequence, now we are waiting for a retracement to a demand zone where we should entry a long position/
Entry: 48.26 (Demand zone)
Invalidation: 34.3975 (Below last lower low)
Target: 101.72 (POC)
In my original Weekend Update I stated...
"Deciphering overlapping moves is a complicated exercise. Truth be told sometimes these patterns do not reveal their correct identity till there almost complete. As of right now I'm still expecting this bottom to complete in a 3 wave move. This "a" wave is a little long and had a micro ending diagonal to complete. I...
The overnight session didn't bring us any surprises. As noted yesterday evening, we came right into the ideal area for a wave 4. I am now looking for a wave 5 decent that at the very least takes our the low of $35.30 set yesterday. I would imagine this can take a couple days or more to complete. Although the MACD indicator seems to have reset for a decline on...
On a day like today, why use 5 paragraphs when 2 will do. Last night and this morning I discussed about price needing to get going to downside. Today we had more follow through. As of now all I can add to previously posted analysis is price is following the primary "Black" pathway.
Lastly, we're in a wave 4 so remain on your toes.
Best to all,
I keep hearing here and there that SOL is now cheap and the weekly candle is looking like distribution
But is it really?
We have on going downtrend momentum across the board in all assets and when we take some observations of the FTX Solana chart.
Those volumes signatures at the incredibly high. A sign of a massive distribution.
We are yet to see some...
Two days ago, I posted how the market is tipping over to the bullish side. Today is a continuation of that post. If you want to look at my previous post, please take a look here.
The volume weights for today to recreate this exact chart are the following (enter it in symbol...
A clear impulse move can be identified in the SOL (3rd leg extended) .
After the 5th wave of in impulse, there should be at least an ABC for the correction.
SOL is in the middle of that ABC. A huge move could be on the way after the end of correction.
A good price for the end of correction can be around 20-21$ and it need at least one year to get there.
The warning I issued last night being an ending diagonal is holding on for dear life and on the cusp of being invalidated.
Nonetheless, this wave 4 is turning into a complex pattern with this high consolidation. What would clear things up today is a decent decline into the low $50's. While I'm still ruling out the ED posted last night...
I had this plan for SOL some time ago, currently SOL fell down the stairs and fell right into the cellar.
If he can go back and test previous support from below, it's hard to say now.
On Friday the 13th, this day I was expecting a correction, so it is possible that the market maker will take advantage of fear and send it up (eliminate short positions and test...
It is possible this is developing into an ending diagonal to complete 4. Just something I noticed and want to get this out to my followers. I was not anticipating this wave 4 completing tonight or tomorrow as I wrote earlier...but this persistent upward bias had me double check something.
This is just something to keep an eye on tonight.
Best to all,