SOL / TetherUSLong
SOL - 1H Elliott Wave Analysis
Greetings, this is our current Elliott Wave Count for Solana.
Solana could have potentially bottomed on the 13th January at 168.88 USD in the blue Wave 4 or blue Wave 2. We do prefer to label it as blue Wave 2 as the retracement is deep for a Wave 4 but technically not invalidated. For the short term count that does not matter.
If Solana did bottom we would want to see a rally in blue Wave 3 or blue Wave 5 to start now.
The recent rally could've been the first Wave of this move to the upside. We do count that as white Wave 1 and are looking for a corrective retracement as red Wave ABC which would bring price into the white Wave 2 support area.
White Wave 2 support sits between the 0.5 FIB at 185.52 USD and the 0.786 FIB at 176.00 USD.
If white Wave 1 extends to the upside the white Wave 2 support will move up too.
Be aware if we break this support area we assume the we are resetting blue Wave 2 just a bit lower. If you are interested in the higher timeframe support area and the bull market targets I recommend you reading the 1D Elliott Wave Analysis for Solana which will be linked below in the notes.
Thanks for reading.
NO FINANCIAL ADVICE.
Solana could have potentially bottomed on the 13th January at 168.88 USD in the blue Wave 4 or blue Wave 2. We do prefer to label it as blue Wave 2 as the retracement is deep for a Wave 4 but technically not invalidated. For the short term count that does not matter.
If Solana did bottom we would want to see a rally in blue Wave 3 or blue Wave 5 to start now.
The recent rally could've been the first Wave of this move to the upside. We do count that as white Wave 1 and are looking for a corrective retracement as red Wave ABC which would bring price into the white Wave 2 support area.
White Wave 2 support sits between the 0.5 FIB at 185.52 USD and the 0.786 FIB at 176.00 USD.
If white Wave 1 extends to the upside the white Wave 2 support will move up too.
Be aware if we break this support area we assume the we are resetting blue Wave 2 just a bit lower. If you are interested in the higher timeframe support area and the bull market targets I recommend you reading the 1D Elliott Wave Analysis for Solana which will be linked below in the notes.
Thanks for reading.
NO FINANCIAL ADVICE.
Note
1D Elliott Wave Analysis for Solana which contains the higher timeframe Wave 2 support area and bull market top targets:
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.