SolanaShort
Norms of a butterfly reversal
SOL has a big pending butterfly reversal. Here's the typical things we see if and when there is a butterfly reversal.
The first drop is usually consistent until it takes out the low of C. This is a breaking of the uptrend but it will usually setup a bull trap.
There will be a parabolic bounce. Some chop. Second parabolic and then reversals typically come around a 76 retracement of the drop.
If a follow through leg comes off this, it's typically very strong.
The first drop is usually consistent until it takes out the low of C. This is a breaking of the uptrend but it will usually setup a bull trap.
There will be a parabolic bounce. Some chop. Second parabolic and then reversals typically come around a 76 retracement of the drop.
If a follow through leg comes off this, it's typically very strong.
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