SOLUSDT Elliott Wave Analysis with Fibonacci Levels & Corrective
2024-10-25

In this 1-hour chart analysis of SOL/USDT Perpetual Futures, we identify a completed five-wave impulse sequence (0-1-2-3-4-5), suggesting a potential upcoming corrective ABC pattern. Key price levels and Fibonacci extensions are marked to offer additional clarity:

Wave (3) reached the 1.618 extension at 164.18, indicating a strong upward movement.
Wave (5) shows resistance near the 2.618 level at 183.29, indicating a possible exhaustion point.

The highest potential extension of 3.618 at 202.40 serves as a long-term target in case of bullish continuation.

Immediate support levels for the corrective wave (A)-(B)-(C) might align with 0.382 at 146.87 and 0.618 at 142.27.

Given the completed five-wave structure and corrective ABC projection, this analysis highlights both bullish and bearish scenarios. The current price action at 172.35 is crucial for observing the beginning of a correction or the continuation of bullish momentum. Feel free to share your thoughts and engage with the idea!