SOL Solana is currently testing the daily pivot as support which must hold to keep the bullish count alive.
I have 2 Elliot Wave counts, short term bullish and bearish that I am patiently waiting to see unfold. Long term is still bullish.
The white count suggests that we have printed a wave (1) and are completing a wave (2) now at the daily pivot just above the daily 200EMA where price should move powerfully in a wave 3 upwards.
Alternatively, the red count, wave B of a larger corrective could also be complete at the recent swing high and losing the pivot and daily 20EMA would confirm this. Wave C has a target of the triple support alt-coin golden pocket 0.786 Fibonacci retracement, S1 daily pivot and major support High Volume Node at $142 to complete wave 2.
The bearish analysis is my preferred count due to the amount of confluence, including the fact we are entering mid August and this move would also push daily RSI back into oversold.
This would set up new long signals! The asset is in limbo atm, not very impulsive as you would expect for wave 3.
Safe trading
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