Foreign Video about Solana so ethereum made a Few movements today I think most of it Is over already Um Solana hasn't really done anything And again I think this is one of the the Tightest ranges I have really seen in a While Um really since well for the last three Weeks you could say yeah we've been Moving in this range actually if you Consider the 9th of November when it all Started as well I mean we've really been Here in this movement for four weeks Um but really this kind of triangle Pattern only started on the 23rd of November a very very tight range I think We're getting squeezed here very soon Further and further into the Apex of a Triangle Um it's not a very exciting chart at the Moment I have to say that as well I am concerned about Solana because it Dropped massively below that 30 level That was a critical critical Fibonacci Support level that it ideally shouldn't Have dropped below or at least if it Dropped below it only for a short period Unfortunately it dropped below it for Quite a while now it's and it's dropped Yeah basically 50 below that level Because we are around 13.70 and we're Not really moving at all and that flip Level is at around thirty dollars so
Yeah it's really getting tough here Um not doing anything at the moment and We just need to wait for a signal of the Market here yeah And I can really only repeat you the Possibilities that the market has Um the two or three that there are that The most likely ones at least and Um We have this situation that we have Upside potential short term and we Talked about that as an Elliot waiver we Believe that a trend change Is verified as soon as we can see five Waves now after that drop to the Downside here on the 22nd of November We can count five waves to the upside And we also can count three waves to the Downside But normally when you get that you're Looking for the next piece of evidence As well which would be another five Waves up this is at the moment missing In fact the move that is occurring since Uh has been occurring since the 27th of November here that low looks corrective As well so I've come to the conclusion There's a really good likelihood that This is still part of that correction of This wave too so you have five waves up In a wave one we have three waves down In a wave two and it could be that the Third wave which is the C wave isn't Finished yet it is still ongoing the
Reason is because if we Um if we already were in a Wave 3 we Should really see strong upside movement When we don't we're not doing that so Short term a very short term we need to Distinguish here very short term Absolutely still A chance to go lower in a possible C Wave as long as we're finding support at 11.80 which is the 78.6 retracement we Have a good chance to reverse and move Up in the third wave to around 19 and Then eventually maybe above in the way Five Um but if we lose the 11.80 support Level then we are probably going to come Down straight away into this sort of Seven dollar target range so these are The two possibilities basically what we Need to do we need to wait for a signal Of the market a break above the 15 level Would make the direct breakout to the Upside likely into the 19 range maybe a Little bit higher and a break below 1180 Would be the signal for a move to the Downside until then you can trade the Range if you want to I don't find that Very attractive it's a very tight range Um It is not very clearly defined because It is some kind of a Contracting Triangle here at the moment which could Also now at any moment break out Um so there isn't really much more space
If you really follow this um triangle Until the end so that we maybe can get An idea of timing when at the latest we Should see um some kind of a breakout Well we're looking here at Wednesday the 14th of December if I am not mistaken This is the date when we have the fomc Um press conference so yeah it could Very well be that we're just moving Sideways and then based on or depending On what kind of decision there is you Know we might see a larger or a smaller Spike but what I can tell you and Promise you is usually when you when you Get these tight squeezes yeah this sort Of very very tight range movement Um it very very shortly afterwards You get a very very strong move yeah um An impulsive move usually and the option Is here if we break above 15 it's most Likely the Wave 3 Target for that we Talked about that around 19 and if we Break down then it could be an impulsive Move to the downside in a wave C but Even then as long as we're holding 1180 Then I would expect to move up in the Third wave actually if we break down Here and get into the yellow support box It would be an even Um possibly more interesting trade long Trade looking at low risk and high Reward because you're even deeper in Support yeah so from a trading point of View I would even prefer that to come
Down lower find support here and then go Up instead of going up straight away but Yeah that's the situation with Solana so I hope 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