Before I begin this Solana chart update, let me encourage you to check out my previous update "Solana to $150 plus?"
In it I list an (ALT) Alternative Count that has Solana completing its 5th wave of the larger 1 with it's next high. Although it's impossible at this juncture to say definitely that this is what will occur, the likely hood is growing each hour.
My Preferred Scenario:
Solana immediately gets going higher and starts to structure the basis for new highs. This is a micro 5 wave followed by a 3 wave corrective structure. Unless this is a leading diagonal within the 3 minute chart, this is currently not taking place. So further patience is needed.
Alternative Scenario:
We breach the low of $120 made yesterday and begin to structure a B and a final C wave for the larger wave 4 down into the $109-$119 area. If this occurs then there's a high likelihood we will only get 1 more high into the $150-$160 area.
In either scenario we should get at least 1 more high into that area. If trading Solana, it makes sense to lighten up your position (Not sell out entirely) in the $150-$160. Doing so will free up resources to scale back in for the price decline of wave 2, or 4. I have repeatedly said to stay on your toes and 4th waves tend to frustrate traders before they reveal their final intentions.
In it I list an (ALT) Alternative Count that has Solana completing its 5th wave of the larger 1 with it's next high. Although it's impossible at this juncture to say definitely that this is what will occur, the likely hood is growing each hour.
My Preferred Scenario:
Solana immediately gets going higher and starts to structure the basis for new highs. This is a micro 5 wave followed by a 3 wave corrective structure. Unless this is a leading diagonal within the 3 minute chart, this is currently not taking place. So further patience is needed.
Alternative Scenario:
We breach the low of $120 made yesterday and begin to structure a B and a final C wave for the larger wave 4 down into the $109-$119 area. If this occurs then there's a high likelihood we will only get 1 more high into the $150-$160 area.
In either scenario we should get at least 1 more high into that area. If trading Solana, it makes sense to lighten up your position (Not sell out entirely) in the $150-$160. Doing so will free up resources to scale back in for the price decline of wave 2, or 4. I have repeatedly said to stay on your toes and 4th waves tend to frustrate traders before they reveal their final intentions.
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