Solana - 4H Elliott Wave Analysis
2024-11-17

Greetings, my primary case is that we are in an Elliott Wave Triangle which would finish white Wave 4 and start white Wave 5 which I discuss more detailed in my last analysis. This here is my secondary or back-up scenario.

If we break down from the triangle I assume we get a deeper Wave 4. The support is between the 0.236 FIB at 200.34 USD and the 0.5 FIB at 172.52 USD. The optimal Wave 4 target is usually the 0.382 FIB at 184.95 USD here. 

An alternative Scenario is that the white (1,2,3,4,5) move up is already finished and this is just the Wave 1 of a bigger impulsive move up. In this case we would look for a Wave 2 pull back. The support of Wave 2 is between the 0.382 FIB at 198.45 and the 0.786 FIB at 170.14.

As we see the support area of Wave 4 and the alternative Wave 2 overlap. 
Noteworthy is that Wave 2's 0.382 FIB at 198.45 USD is close to the Wave 4's 0.236 FIB at 200.34 USD which additionally are right below previous lows which gives them also structural support. If this leads to a bounce we will have to watch if we get a 5 wave move up which would imply that white Wave 4 is finished or only 3 waves up which could mean that we're getting a bigger correction.

The golden pocket of Wave 2 is at 181.91 USD to 178.97 USD which is right below the optimal target of Wave 4 at the 0.382 FIB at 184.95 USD which could be a good area of support. If the price drops below 160 in either case we'll have to assume that something more bearish is going on.

Thanks for reading.

NO FINANCIAL ADVICE.