SOL, Break of the Previous Ceiling or Start of Wave C?
Hello dear friends, I hope you are all well.
Important note: First, read the previous analysis I shared on Solana, then proceed to this analysis.
For several reasons, I see Solana as bearish:
1. Thankfully, the previous wave count analysis was correct (meaning it completed the 5 main Elliott waves and then entered the corrective phase).
One thing I realized today is this:
In the previous analysis, I did the wave count in the weekly time frame, but I shared the roadmap and type of decline in the 4-hour time frame.
When I look at the chart in the weekly time frame, this deep correction is only wave A, and we are now in the structure of wave B.
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The higher wave B goes, the less the decline of wave C will be.
For example, if the end of wave B is around $183, the decline of wave C will be between $89 and $63.
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In the Solana dominance chart (SOL.D), the period from June 7 to June 17 is the most important time area.
It is likely that during this period, Solana's dominance will undergo a change.
Structurally, I see nothing but a repetitive Elliott cycle.
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In the RSI indicator (SOL.D), the main weekly trend has broken, and we are heading towards a pullback decline.
If there is any change in the chart structure, the analysis will be updated.
If I identify a precise bearish pattern or timing, I will update the analysis.
Thank you for taking the time to read.
I hope you have profitable trades.
Important note: First, read the previous analysis I shared on Solana, then proceed to this analysis.
For several reasons, I see Solana as bearish:
1. Thankfully, the previous wave count analysis was correct (meaning it completed the 5 main Elliott waves and then entered the corrective phase).
One thing I realized today is this:
In the previous analysis, I did the wave count in the weekly time frame, but I shared the roadmap and type of decline in the 4-hour time frame.
When I look at the chart in the weekly time frame, this deep correction is only wave A, and we are now in the structure of wave B.
--------------
The higher wave B goes, the less the decline of wave C will be.
For example, if the end of wave B is around $183, the decline of wave C will be between $89 and $63.
--------------
In the Solana dominance chart (SOL.D), the period from June 7 to June 17 is the most important time area.
It is likely that during this period, Solana's dominance will undergo a change.
Structurally, I see nothing but a repetitive Elliott cycle.
--------------
In the RSI indicator (SOL.D), the main weekly trend has broken, and we are heading towards a pullback decline.
If there is any change in the chart structure, the analysis will be updated.
If I identify a precise bearish pattern or timing, I will update the analysis.
Thank you for taking the time to read.
I hope you have profitable trades.
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