SOL EW count for 4.3.22
I'm starting to feel more and more confident that the 2.618 Fib Extension may be tagged at $159-$160 before wave 1 completion...but will continue to look for clues that a more meaningful decline or a longer consolidation will take place.
This type of aggressive extending of wave 3 makes it difficult to asses where this wave will terminate as SOL doesn't react off traditional fib levels like mature stocks and indices do. For now we wait to see which fib level will temporarily tame the bulls. Typically stocks and indices see the entire 5 wave structures end at the 2.0 fib extension, (SOL is in wave 3 of 5), whereas commodity futures such as NatGas and Crude Oil will typically complete at the 2.618 level. At the time of my post, SOL is acting more like commodity futures whereas wave 3 should complete at the 2.0 and wave 5 should complete at the 2.618 rather than stocks and indices.
Fib Levels above are:
2.0 $139-$140
2.618 $159-$160
3.0 $170-$172
Note: If you follow me it will be easier answers your comments about my SOL analysis.
This type of aggressive extending of wave 3 makes it difficult to asses where this wave will terminate as SOL doesn't react off traditional fib levels like mature stocks and indices do. For now we wait to see which fib level will temporarily tame the bulls. Typically stocks and indices see the entire 5 wave structures end at the 2.0 fib extension, (SOL is in wave 3 of 5), whereas commodity futures such as NatGas and Crude Oil will typically complete at the 2.618 level. At the time of my post, SOL is acting more like commodity futures whereas wave 3 should complete at the 2.0 and wave 5 should complete at the 2.618 rather than stocks and indices.
Fib Levels above are:
2.0 $139-$140
2.618 $159-$160
3.0 $170-$172
Note: If you follow me it will be easier answers your comments about my SOL analysis.
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