✴️ A Close Look At Solana, Candlestick Reading + Elliot Wave

5 de set. de 2023

This is the 4-September candle for Solana (SOLUSD), yesterday:

This is either indecision or continuation.

Today's candle is bullish. Bulls and bears fought and the bulls are winning, volume is rising.

Looking closer, the 4H timeframe, we get additional clues...

The last three candles are all green, with the last one being a full-green candle. High volume on this candle as the small trading range is broken to the upside.

This action is happening right below 0.618 Fib., notice that 0.786 ($17) was never touched, this is bullish.

The short-term barrier to break is 0.618 Fib. retracement and EMA10. Closing above these levels work as bullish confirmation and likely the resumption of the bullish trend.

I say likely because things can change, invalidation can happen if the 1-Sept. low is broken at 19.

The correction has been going for more almost two months now and it all seems quite bullish. We have the classic 1,2,3,4,5 bullish impulse and the ABC, this is followed by another impulse...

The waiting is likely over... Do you agree?

Namaste.