I posted this chart a few days ago: "Solana-Chart-Potential-bottom-in-place-II" It touched on trader sentiment and structure...and the importance of SOL price getting above $123 within our current bottoming structure. That happened today. So what's next? We need to fill in waves 4 and 5 of the larger wave 1. That wave 1 top should reside in the area of...
Chart attached. Please refer to earlier charts. Questions answered if you follow me.
Price action within markets are a fascinating phenomenon. For the most part their counter intuitive to news, current events and the realities of analysts. Case in point, we have the highest inflation in decades, there's a war in Ukraine, Oil prices are the highest in a decade and the stock market and crypto currencies (risk assets) are rallying. Really? That...
Here's a zoomed out view. Once SOL has a 1-2 in place we can accurately project the path price will take. 1-2 should be in place by summer if this is a confirmed bottom. A breach of $77 could point us down to $60. Right now....Bulls are in control.
If SOL has bottomed the first clues we will get is a breach of $107, then finally $123. This breach must be a five wave structure as indicated in the chart. This would represent a wave 1 of the larger wave 3 and reside in the area of $140-160 to be completed around the May-June timeframe.
There's a growing possibility that SOL is putting in a bottom. $107 and Then $123 area must be eclipsed for confirmation and a 5 wave structure must be in place. If this is playing out, we should see $334 area by end of 2022.
Not optimistic about the depth of this decline. Technically impulsive count is not invalidated but price has to go up starting soon.
Should we break out over the recent high of $106-$107 we should go very fast towards the $122 area and consolidate. This could take a couple days or more but should take place relatively soon after an eclipse of the $107 area. This 1-2, i-ii structure is coiling for explosive upside.
IMHO this is about to take off to the upside something fierce.
This chart represents the beginning stages of the various subdivisions of the larger degree Wave 3 with this being 1 of ( I ) of the larger 3.