SOL UPDATE — I’M OUT FOR NOW 📅 August 17, 2026 — 14:58 UTC+7
I had two possible Elliott Wave scenarios for SOL: 🟢 Bullish Scenario: The current structure could still develop into a continuation move toward 78–80, with 77.88 as an important confirmation level. 🔴 Bearish Scenario: A rejection from the upper zone could lead to another move lower as the corrective structure continues. The 74.40 level has already been wicked below, but so far it has not produced a decisive bearish confirmation.
However, after being stuck in a complex zigzag structure for months, I personally started to lose confidence in my current count. Therefore, I decided to EXIT my entire position and stay on the sidelines.
This does NOT mean I am bearish.
I simply don't want to force a wave count when the market has not given a clear confirmation yet.
$SOL Elliott Wave Update — Possibility 2 I’m currently maintaining Possibility 2 for SOL. The current structure suggests that Green Wave 2 is still developing after Green Wave 1 completed around the $78.5 area. 📌 Wave 2 Area • 0.5 → $74.32 • 0.618 → $73.48 • 0.764 → $72.44 I’m watching this zone for a potential Wave 2 bottom. If Wave 2 completes here, the next move I’m looking for is Green Wave 3, with an initial target area around $84.28–$86.00. The key confirmation level is the $77.88–$79.00 resistance zone. A clean break above this area would increase the probability that Wave 3 has begun. ⚠️ If SOL breaks below the major support around $70.7, this bullish count would need to be reconsidered.
Following the previous LONG setup, I want to clarify how I am managing the current structure. I am currently placing BUY LIMIT orders progressively as a DCA around the Wave 4 support area. This is because I am treating the current Purple Wave 4 as a complex correction, meaning the internal structure can still develop in different forms. The Contracting Triangle (A-B-C-D-E) is currently one of the possibilities I am tracking: A → B → C → D → E However, it is NOT confirmed yet. ⚠️ The triangle can still fail and develop into another corrective structure, such as a W-X-Y combination, or another complex corrective pattern. Therefore, I am not trying to predict the exact bottom of Wave 4. Instead, the approach is: 📍 DCA Buy Limits → around the expected Wave 4 support 🛑 Hard Stop Loss → $74 🎯 Potential Wave 5 → 78.14 → 79.00 → 80.20 The reason for using DCA is simple: If Wave 4 is still developing, price may move deeper before the correction is complete. Rather than trying to catch the exact low, I prefer to accumulate progressively within the expected support zone. The most important level remains the invalidation. Below $74 → the current trade idea is invalidated. ❌ So for now: Contracting Triangle = current preferred internal count WXY / other complex correction = alternative possibility $74 = risk invalidation This is why I am managing the position with DCA + a defined stop, rather than assuming the Wave 4 bottom is already confirmed. Patience is important here. We are trading the larger structure, while allowing the internal correction to reveal itself. 📈 — SpotSafeCapital