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Morning Update Early 8.15.22: Is Solana Running out of Time? for FTX:SOLUSD by maikisch

August 9th was the day where wave IV equaled wave III in terms of time. Earlier in June I wrote about how I thought Solana would take all summer long to complete its wave IV. That suspicion of mine was solely based on the amount of time wave III took to bottom (approximately 55 days). We crossed that point in wave IV on August 9th. Could price be telling us something? That remains to be seen. However, I do know that time is running out for Solana to complete this wave IV. Especially if it has designs on tagging that $51 level. I could be wrong but the topped camp is starting to gain in probability. We entered the target box for the minimum rise Fibonacci wise.

Above is the updated micro count on Solana . Over the weekend we traded as high as the $48.42 level and have since been declining/consolidating in this POSSIBLE wave 4 of 5 of c of C of larger IV. I have added a purple count to the micro chart. This represents the bullish scenario and I cannot rule that out. However, given the fact that Solana has lagged I simply wanted to show it as an option. Lastly, a move to the area marked “The No Trade Zone” takes all bullish counts off the table. Since we traded below $45 (More Overlap) this is either nested 1-2’s IN THE PURPLE COUNT or an Ending Diagonal IN BLACK. This is just not a chart I like trading. The overlap is a function of less strength on part of the bulls to hold gains. NOT A GOOD SIGN FOLKS.

I’ll update on Monday evening.

Best to all,

Chris

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