Foreign [Music] Welcome to another update video about Solana well the drop below the support Level earlier today was already a Warning that the bullish setup that we Had on the chart was invalidated and Earlier today I gave you a target of Around 20 we came down to 22 today so This is still the wave count that we Discussed earlier in the video today we Have broken down indeed we've nearly Reached the 20 level Um I was surprised myself The 20 was the Target and that we would Reach it today nearly at least Um surprised me even more to be honest Um I didn't expect it I must be very Honest with you that we would get there Today but obviously this was triggered To a degree or pretty massively by the Events surrounding FTX and finance Um But yeah let's take a look I mean this To me at the moment I see no evidence For a reversal I must be honest with you So The best I can offer here in terms of Elliott wavecon but we take a look at Other things as well the best I can Offer Is that and that's what we talked about Earlier today this was a wave one and The problem here is that the wave one
Was very long Then a wave 2 to the upside and the Wave 3 Target is normally based on Wave one And two length and retracement so the Target that we discussed earlier today For the third wave Was the 20 level Um the one to one ratio Um which is well 2056. So the ideal Target is normally the 1.618 but that is nine dollars so Personally I I mean that is lower than I Would expect it right that's why I gave You the one to one ratio as Target for The third wave Um Does it seem finished I mean to be Honest this to me looks like a third in Itself So we might have something like a one Two one two and then here the third Which would actually indicate we come Down lower even Um I would not really want to give you Here further targets until the dust has Settled a little bit I think it is Really good to just sit on the sidelines For a bit and wait what the market is Going to do in the next few days Told you earlier in the in the week that This is going to be a volatile week Um we discussed on Telegram and Discord The issues around FTX since the weekend We've been talking about the elections
In the US today I think they are today aren't they Um and we've discussed Thursday's CPI Data so all of this leading to a very Very very very difficult week lots of Volatility lots of unpredictable Movements really really difficult that We get down to that level today even Though I had the bearish Outlook Surprised me as well so I think it's Just a bit of a wait and see that this Is just rolling and the events you know The risk is with events like that we Sometimes don't even know what else Could be coming up so I think this has The potential to be proper capitulation That affects Bitcoin as well Um well yeah I mean Bitcoin has lost all The micro support levels I indicated Which means that this is quite bearish Um but on things like these it's Sometimes really good to just sit on the Sidelines and wait until the dust has Settled everything else will most likely Burn you unless you really know what You're doing Um and it's not you know this is not Let's say Do you want to say proper trading if you Do anything today you know I think Buying DCA long-term long-term Investments Certainly interesting on days like these The problem is that Solana
Is one of the biggest losers today And with the Solana chart I currently Can't see a bottom not since we lost Support yesterday that was a warning Here at around 29 yeah a few days ago And you will remember that in the videos I told you whatever Solana is doing To maintain a bullish count It needs to hold above the 28.60 level or 20 28.50 now we've Obviously lost that and then since then Dropped massively so yeah we are just Approaching the 22 level again Um no reversal in in sight if there will Be one there should be a wave four to The opposite and the final wave five Down I will let you know as soon as the Dust has settled a little bit and I can Get a clearer picture of the wave counts But the best I can offer is that the low Isn't in yet really we are though Massively oversold now of course again On the four hour chart Um which doesn't mean we need to turn Bullish now but it indicates some kind Of a relief rally possibly in the next Few days will occur I mean on the daily Chart on the one hour you have a bullish Divergence here now on Solana on this on The chart but if you consider everything In the light of Yeah the the greater context I mean There's a lot of uncertainty in the Space so just be careful we're now on
The Daily nearly overthrow it as well so The the signs of a at least temporary Reversal are coming up but again dust Needs to settle first and we've got a Lot of uncertainties coming up this week Also with the CPI data the macd momentum Has shifted down massively so also here On the daily until there is a bit of a Sign of a reversal things are still you Know very very difficult and very very Red and I'm not lying to you this could Drop down much more if this is a proper Way through here Um this can come down much more and by The way we've got ftt which might be the Next big thing that goes to zero so Let's see I can't really tell you more But a lot of volatility keep you know Keep calm as calm as it can be You get these crazy events in crypto Regularly but this today is a special Event it is really really difficult and We might actually see also with Bitcoin My primary expectation play out in that We will go down below the June low Okay so hopefully you like the update 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