๐ Technical update for SOL /FDUSD (1H): Elliott wave structure and projections
๐ We are currently observing that Solana (SOL) is moving within Wave (4) in purple. ๐ Key wave count highlights:
โข Complex correction in progress: Wave (4) is forming as a WXY structure (or perhaps a more complex corrective pattern).
โข Alternation principle: Since Wave (2) has already completed as a simple zigzag, Elliott Wave Theory suggests that Wave (4) is likely to take longer and evolve into a more complex structure before it completes. ๐ Corrective target and support zone:
โข The wave completes (X) and is expected to retrace toward the final wave (Y) / the demand zone (4).
โข Key support zone: Fib 0.382 ($107.41) โ Fib 0.5 ($105.27).
โข โ Cancel Wave 4: A clear break/close below $105.29 invalidates this primary wave setup. ๐ฏ Upside target for Wave (5):
Once we find Wave (4)/(Y) with strong support and confirm its completion, we expect a strong impulsive bounce toward the (5) Purple wave with the following Fibonacci extension targets:
๐ Target 1: $114.20 - $116.30 (Fib 1.236)
๐ Target 2: $117.86 (Fib 1.414)
๐ Target 3: $119.64 - $120.00 (Fib 1.618) Maintain discipline in risk management and wait for confirmation before entering trades! ๐
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