Long

Updated

The SOLTrain Heads North

Barring a break below the orange line, we should see Solana stretch upwards above the $100 mark for yet another crucially timed test. I expect this test to fail in establishing support.

What's your thoughts on the next few days ahead for ?

Note

After the correction, longs can be entered aggressively (but at your discretion) from the green horizontal. Stop losses must be placed immediately below the orange horizontal to maintain the potential loss.

*Its always good to consider how much you may lose if a trade goes against you.

Note

As the height of Wave 5 increases, so does the anticipated support level for the pending correction.

Stay fluid.

Note

Previous form invalidated.

Possible that Solana sits in a zig zag formation with a complex (Running Flat correction) for Wave B.

If these overlapping waves finish out with support being discovered near $98, I expect SOL’s upside target to remain in tact.

Note

As Wave 4 has crossed into Wave 1, this can no longer be considered an impulsive wave.

Note

Considering the markup in the boxed area to be legitimate, the only remaining option for an upside play here is an extended, ending diagonal wave.

This suggest that my analysis for the 3 days in February have been incorrect.

Note

SOL should be picking up. $102 seems to be the next area of interest.

Note

I’ve misread the drop action however, trades are still active and the target has not adjusted. Stay fluid.

Note

SOLicious...

This Inverted Head and Shoulders look should allow SOL some support for an escape from the abyss.

Note

Attempting to gain more clarity before making more updates on the micro waves. I definitely didn't anticipated a drop to this level however.

The boxed area looks like a surefire 3 wave move, without the newly placed red line breaking, a stretch above $100 remain a possibility.

Will update when more clarity is had.

Note

Still in need of more confirmations to fully regain confidence in expectations, but I think SOL has completed a bullish impulse and also a deep correction in what I'm considering to be Wave 2.

The 5 waves up are pretty clear to see however, the correction seems to have come in an extended flat formation with C wave reaching the 'rare' 2.618 extension level of AB.

Will continue to track. Trade is yet active.

Trade active

Working to establish support for the next mega wave.

Trade active

Slightly adjusting target to $108.

Note

Big support cometh...

Note

$94.80 looks like more adequate support.

Note

All aboard!!!

Won't be updating this post any longer unless complete/total invalidation of the expectation comes.

Note

Boy do I hate misreading a wave. The only thing I hate more is losing money from misreading a trade and gratefully that’s not the case just yet.

With total invalidation of Wave 5 bullish fractal, I am forced to look at the chart from a wider angle and consider all the waves that I still have high confidence in.

The chunky zig zag from Jan 29 - Feb 2, looks quite legitimate.

The fact that the descent over the past 4-5 days have not been impulsive, quite a legitimate assessment.

Peeling back even further, the bullish wave from Jan 23 - Jan 30 has always been considered a bullish wave, but when wave 3 becomes extended beyond 1.618, the wave count becomes tricky. With invalidations now proven, I think it’s safe to say the impulsive wave topped out ($79-$106).

Fully accepting of all signals (confirmations and invalidations), I yet think Solana is in bullish form. I assumed we were 3-4 weeks from the newly expected Wave 2 idea, but it seems to have come early.

Usually, I see Wave 2 find support near the 0.5 fib when it is a zig-zag, but surely it can go as low as 0.99 on fib in more rare cases (like I thought yesterday).

Not saying this to cover myself because wrong is wrong and being wrong happens, but the correction over the last 5 days or so has been quite complex. Nevertheless, I should have known a correction was looming.

Lessons to be learned/remembered:
-Risk management is vital.
-The devil is in the details.
-For the possibility of misdiagnosis, stay away from Wave 5, as the end of the cycle is near.

Money is safu. Trades are still opened. SOL to $140.

Trade active

closed my short from$98.80 and went short. i suspect SOL has legs to reach $105 however, it could retrace back to $98 first OR it could drop all night in search of $96.

considering the days of descent we've just emerged from, i think there's a decent amount of fear out there. wouldn't be surprised to see $96 overnight at all.

Note

will try to track the waves all the way up to $150.

Trade active

looks like bears will sink SOL down to $107 overnight possibly...

Note

SOL could slap one of these yellow lines next. Tap your pick...

Note

no longer valid to be a flat correction.

likely in w5 of WA, upside resistance levels adjusted.

should see sub $100 in a few days.

DigitalSurfTrading

Decode the wave, anticipate the move // ElliottWaveScience.com

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

DigitalSurfTrading

Decode the wave, anticipate the move // ElliottWaveScience.com