📢 Elliott Wave Outlook on SOLANA (SOL)
🔹 Current Wave Structure:
Solana is progressing within a major impulsive structure. Based on the broader wave count, we are currently unfolding within Wave III — the strongest and most aggressive wave in Elliott Wave theory.
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🌀 Zoomed-In Structure:
• Price action suggests we are now in the final stages of wave (iii) of Wave III.
• More precisely, we appear to be within the fifth subwave (v) of (iii).
• This final leg is forming what looks like an Ending Diagonal (rising wedge) — a classic structure for terminal fifth waves, characterized by weakening momentum and overlapping subwaves.
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⚠️ Key Technical Notes:
• A breakout above the wedge may result in a fakeout, as Ending Diagonals often trap breakout traders before reversing.
• A confirmed breakdown below the lower boundary of the wedge may be the cleanest signal that Wave IV is beginning — a corrective leg before continuation.
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🎯 Initial Retracement Zone for Wave IV:
• Likely support area: $188 – $176
• Final targets will be refined once the diagonal breaks and confirms reversal.
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🚀 Bigger Picture Bias:
A short-term pullback is probable,
but the macro trend remains bullish —
more upside is expected following the correction, with Wave V yet to unfold.
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💬 What do you think?
Do you agree with this wave count and potential pullback zone?
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📎 Charts attached:
• Full Elliott Wave count
• Close-up of the Ending Diagonal structure within wave v of (iii)
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