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Soluas

Weekend Update: Slow Getting StartedIt seems like Solana is also on a 3-day weekend with not much price action clues taking place. I still prefer a longer drawn wave IV that could last all summer. Heading down to new lows now is too easy, not to mention the pattern looks better with more stark alternation. Therefore I'm expecting a high wave IV that takes time (But if you follow me you already know this). Provided we stay above $30.84 and this B wave is complete this should take us to a minimum of $51 before summer is over. To all my American Followers: "Happy 4th of July Weekend" Best to all, Chris
FTX:SOLUSD
by maikisch
3
Evening Update: "a" of "B" coming to an end?Several days ago with Solana trading above $41 I called for a decline in a corrective fashion. a= $35.30 b= $38.05 c of B bottom at = $31.31 Today we struck a low of $35.4975. It's certainly possible we get one more incremental low. It's also possible we go straight down to new lows. However, my preference is we rally to $38.05 and then decline to $31.31 for a summer bottom. Time will tell if my preferred pattern plays out. What am I basing this analysis on? Time. Whereas, it would not shock me if me we went straight down to new lows, or even straight to $31.31. I have long opined on the fact the final decline into $25.78 was overlapping resembling an ending diagonal. That pattern took 7 weeks to conclude and wave IV to conclude in a far shorter time (1/3 of the time) seems a bit out of place. Therefore I'll stick to my analysis till invalidated. Ironically invalidation becomes a reality at new lows...so we wait for clues. As of today, we are progressing as projected so no need to alter the strategy. What's the strategy? Now that we have declined into the $35 area, we should expect a short term rally to $38-$39 and then a decline into $31.31. Provided that happens, I plan to put on a long trade in that area with a stop in place at $27. I'll give it some room. I'm risking $4 points of downside for the potential of $20 plus to the upside over the remaining months of summer. That's 1:5 risk/reward and I like those ratios. But we're early on as no rally to $38-$39 has taken place. If we rally and DO NOT DECLINE TO $31.31 I WILL NOT CHASE SOLANA. The analysis done days prior must play out as advertised or I will not dedicate any hard earned money to this trade idea. PS: If you rely on my postings daily please give this a thumbs up. Best to all, Chris
FTX:SOLUSD
by maikisch
6