Solana Elliott Wave technical overview [Video]
|SOLUSD Elliott Wave technical overview
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Function: Counter-trend.
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Mode: Corrective.
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Structure: Flat.
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Position: Wave C.
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Next higher degree direction: Pending.
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Wave cancel invalid level: Not Specified.
Solana (SOLUSD) trading strategy:
After reaching a high point that ended the Wave V uptrend, Solana's price entered a notable corrective structure. The current move is identified as Wave B—a mid-term rebound phase—preceding a potential decline in Wave C.
Trading strategies
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Primary strategy
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For short-term (Swing) traders:
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If SOLUSD climbs into the $162–$182 range and then shows signs of reversing, traders may consider initiating a short position targeting Wave C's development.
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Risk management
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The invalidation point for this wave count lies above the Wave V peak, around $320. Exceeding this level would negate the current corrective outlook.
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SOLUSD Elliott Wave technical overview
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Function: Counter-trend.
-
Mode: Corrective.
-
Structure: Flat.
-
Position: Wave C.
-
Next higher degree direction: Pending.
-
Wave cancel invalid level: Not Specified.
Solana (SOLUSD) trading strategy:
Solana peaked at the end of the Wave V uptrend. Since then, the market has entered a corrective structure. Currently, price action is forming Wave B—a rebound stage—before a likely continuation downward into Wave C.
Trading strategies
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Primary strategy
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For short-term (Swing) traders:
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A rise into the $162–$182 range followed by a reversal could offer a shorting opportunity aimed at capturing Wave C.
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Risk management
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A break above $320, the resistance level from Wave V, invalidates this wave count scenario.
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TradingLounge analyst: Kittiampon Somboonsod, CEWA.
SOLUSD Elliott Wave technical overview [Video]
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