Foreign [Music] Video about Solana so here with Solana We also have the situation as following Currently the primary expectation it has Been dropping down here we talked about This descending triangle in the last few Videos we had a failure a lack of Impulsive price action to the upside and We identified this descending triangle Which is generally a yeah bearish Pattern and in the current situation is Acting as a trend continuation pattern After we drop down massively from around 39 and we're now at just below 12. so This is obviously significantly affected Um in one of the previous videos we Talked about all it really needs to do To complete this wave 5 would be a drop Below wave three Um which was here just below 12.20 but Based on Fibonacci extensions I gave you A key Target here and also based on this Sort of triangle pattern yeah I mean we Looked at the height of the triangle Which a bit of a crude way of measuring A Target and always take these with a Pinch of salt but in addition to that we Had the Fibonacci extensions as well so That takes us into the price region Between six dollars and 40 or 6.50 640 To 7.70 so this is sort of the range Where I would broadly expect the price To get into at least at the moment we do
Not have a sign that it has bottomed Um surely this could maybe even morph Into something like a descending which But also here I don't have any evidence But it could become one of course Um it's not that we have broken that Substantially below the triangle that I Would say it's definitely broken but Um we've certainly made a new low so for Now we have focusing on lower and as we Explained or as I explained in the last Video Um this was possibly the wave e High Then we hit a wave one down a wave two Up this could be the wave three down we Are currently in a wave four to the Upside and there should be one more wave Down wave five and could also be that Wave 3 isn't finished yet this is really Hard to say on those lower level wave Counts but we can calculate a Target Here for the third wave I'm sure I Talked about that in the last video and I mean I might be wrong but I'm pretty Sure I talked about in the last video I Haven't checked it but it was surely the 1.618 FIB extension I gave you as a Target for the third wave so here around 1150 we've reached that so no surprise That we are seeing away full retracement At the moment that should be weak and That should stay below the 12 56 level So Below the wave one low because if it Goes higher than that it would be
Something different we would then cut Into the price region of wave 1 and the Wave 4 normally doesn't do that we would Then need to look at what else could it Be but for now the focus is here further On the downside with a wave 5 probably Still to come I can give you a broad Target now for the wave 5 as well it's Not you know it won't be exact because I Don't know how high wave 4 will go but If you just take the textbook Target That way 5 would take us to around 10 US Dollars now that doesn't necessarily Mean that the entire downtrend needs to Be over but this is certainly the next Major opportunity where it can bottom Around ten dollars we have a lower Target here but be aware we don't Necessarily need to reach it but as long As the downtrend is in play we are gonna Go down further of course so as long as We don't make suddenly higher highs and Higher lows we're going to follow the Trend down the momentum is clearly down At the moment the trend is still down at The moment it's following currently the Bearish elite wave pattern here the Primary expectation to the downside but It is all about you know these waves can Also extend so at the moment yes Wave 3 Might be finished but it's not a given That Wave 3 is finished and also wave 5 Might just become an extended one so we Need to be here mindful that just
Because we hit the 10 level doesn't mean The downtrend is over it could be we get Just three waves up afterwards and Another wave 5 down or five wave Structure down into this area so I'll Definitely keep you updated here Definitely no sign of bottoming it's Currently following the the the main Scenario I think we're still going to See lower prices especially with Bitcoin And ethereum losing key support I'll Keep you updated hope you like the Update about Solana if you did please Hit the like button leave a comment and Subscribe and if you really like the Content then please check out the Channel membership thanks a lot for Watching bye [Music] Thank you