INTRADAY UPDATE: SOLANA
Once again we appear to be extending our wave iii. How far can a 3rd wave extend?
theoretically....infinitely.
RN Elliott only laid down rules for discerning where are within bullish and bearish cycles, the structures they may assume, and price points that cannot be violated within waves. Now, in reality nothing goes straight up forever. However a 3rd wave sure feels like it. The opposite side of that is the feeling things are crashing. I do continue to expect Solana will pause very soon.
If Solana can dip below $133, this will be our first indication we're starting the larger degree wave iv. Since most times wave 2 and 4 alternate in both depth and time we could expect a shallow wave iv (since wave ii was very deep) and one that completes quicker than 11 days.
Wave iv should take us into the yellow shaded area of $116 to $125 on the chart. Time duration is a guess on my part but I'm thinking half the time of wave ii...so approximately 5-6 days. In normal fashion a wave v would follow. This wave v should complete in the area of $160. I will have a better sense of where price will top out once there's a minor wave 1 and 2 of 5 of v.
This wave iv will give us time to work off short term overbought conditions and many of the indicators I follow to reset. Wave v will make a new high but the MACD indicator will not. (please refer to red arrows of how wave iii, iv and v should play out in the indicator area of the chart). Should it...then this is simply wave iii extending.
IMPORTANT NOTE: At no time can price get below $106.43 which is our wave i high. A dip below $106.43 could mean this whole rally was a corrective move off the bottom with new lows to come. This is not my main viewpoint but one must always be ready for what markets give us.
theoretically....infinitely.
RN Elliott only laid down rules for discerning where are within bullish and bearish cycles, the structures they may assume, and price points that cannot be violated within waves. Now, in reality nothing goes straight up forever. However a 3rd wave sure feels like it. The opposite side of that is the feeling things are crashing. I do continue to expect Solana will pause very soon.
If Solana can dip below $133, this will be our first indication we're starting the larger degree wave iv. Since most times wave 2 and 4 alternate in both depth and time we could expect a shallow wave iv (since wave ii was very deep) and one that completes quicker than 11 days.
Wave iv should take us into the yellow shaded area of $116 to $125 on the chart. Time duration is a guess on my part but I'm thinking half the time of wave ii...so approximately 5-6 days. In normal fashion a wave v would follow. This wave v should complete in the area of $160. I will have a better sense of where price will top out once there's a minor wave 1 and 2 of 5 of v.
This wave iv will give us time to work off short term overbought conditions and many of the indicators I follow to reset. Wave v will make a new high but the MACD indicator will not. (please refer to red arrows of how wave iii, iv and v should play out in the indicator area of the chart). Should it...then this is simply wave iii extending.
IMPORTANT NOTE: At no time can price get below $106.43 which is our wave i high. A dip below $106.43 could mean this whole rally was a corrective move off the bottom with new lows to come. This is not my main viewpoint but one must always be ready for what markets give us.
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