maikisch

maikisch

Analysts and Traders require and utilize very different skill sets Since I analyze Solana using Elliott Wave Theory I will refer to that method within this topic. EWT is a series of rules governing market behavior developed by RN Elliott in 1938. en.wikipedia.org When one becomes familiar with these rules, one can apply them to most any market. I say most...

maikisch

Based on today's trading so far I'm moving our first clue target down from $106 to $103.59. With bottoms, we want to see price act decisively off of support and rally in 5 (micro) waves. Micro analyzing is best done on a 3 minute chart. We have some support in the area of $99.40 and then $98.60. A bounce off support, a breach of $103.59 in a micro 5 wave...

maikisch

Not much to update. Last night was, as expected, time to consolidate and for traders to look for clues this C of wave 2 has bottom. Have we bottomed? It's unlikely as this structure would look more complete with one more low (OML). We're looking for price to breach $106 for our first clue. I'll update...

maikisch

WILL THE REAL SLIM SHADY PLEASE STAND UP, PLEASE STAND UP, PLEASE STAND UP. My attempt at humor...but seriously we all need to pay close attention now. If there was ever a case for an alternative count, today was a great example. The Blue Count appears to be the one most probable as of now. So, what's next? First and foremost, all Solana traders should be ...

maikisch

Just a quick update before the work day begins. We have price stretching again with this B Wave now at $109.075. Is that the high for the day? I don't claim to know for sure. What I am confident about is there's nothing within this consolidation that is immediately bullish so I await clues for when the C wave down to my target area starts. IMPORTANT CLUE: ...

maikisch

Good morning. It appears this morning we're coming into the B wave area for a short term top. The ONLY difference between my BLUE Alternative and BLACK primary count is the amount of time we take to consolidate. In either circumstance we should reconcile this wave 2 bottom in our target area of $100-$103. If we get there today then clearly the blue alt count...

maikisch

My primary count is following the path...can I get my followers to post an Amen? I work hard for you guys. Show some love and post whatever you feel appropriate. Thanks guys. Lets get 20 comments on this post saying AMEN? Chris

maikisch

Just when I thought I would be denied the $109 level by .40 cents Solana follows through AND THEN SOME. Today we topped out just under $111. We want to see price stretching in the direction of the trend. Now, we're are clearly in our retrace portion of this initial wave up. As I have posted many times after an impulsive 5 wave structure we should see price...

maikisch

We got the one poke higher into $109 and now we're consolidating. Remember we're waiting for a 3 wave retrace and than take out last night's high. I'll give higher targets once that takes place. Best to all. Chris

maikisch

Well, my call to $109 from $94 so far came up .40 cents short. That's why I will not rule out one more poke higher before we get a wave 2 retrace. If we can correctively retrace in 3 waves down to the $105 to as much as $99 level, then take out today's high...its a major major buying opportunity. I don't want to get a ahead of myself, but I want those traders...

maikisch

As of this morning we're still making progress on our target of $109-$110. However, I would like price to show clearer signs of an impulsive 3rd wave. That requires us to get into the $105-$107 area quickly. I'll update tonight. Best to all, Chris

maikisch

Nothing goes straight up or down. Today we saw a solid recovery after being down 7 points to rally green on the day. As we await the completion of 5 waves up. Solana needed a support level to bounce off of explosively. This is how bottoms behave. However, we're not out of the woods. What do we need price to do to tell us this rally is sustainable? 1) Has to...

maikisch

As with most corrective waves, they can take on complex shapes designed to frustrate traders and are never good areas to put on or take off positions due to their highly volatile nature. The overlapping feature of this decline leads me to believe this was an ending diagonal (Not a triangle). If in fact it was, THEN PRICE SHOULD RETURN TO WHERE THE ED STARTED...

maikisch

When uncertainty persists the path of least resistance is continuation. That means this decline from $143 doesn't appear to be done with us. After what appears to still to be a triangle pattern I think we have one more poke lower to about $92-$97. Triangle pattern becomes invalidated over $110 and under $98.17. Best to all, Chris

maikisch

If these overlapping fits and starts develop into a triangle...this is the pathway price will follow. Have a good weekend... Best to All. Chris

maikisch

Yesterday I published my scenarios for Solana price. The attached hourly chart now reflects that primary count. I've looked at the Solana chart from different angles and it appears we're in a minor 4th wave triangle with one more slight dip below $98 to finish off this B of the much larger B wave we're in. Ultimately I believe this consolidation from $259.95...

maikisch

I believed each chart stands on it's own. I don't buy into different assets being tethered to one another or trade in tandem in the long-term. Yes, a broken watch is right twice a day. Right now, and in the short-term, Solana seems to be tethered to the US indices. Truth be told it's hard not to notice that with most directional intraday ticks in the SP500,...

maikisch

(Trading View doesn't allow the posting of a 3 minute chart....do any of my followers know how to post a micro 3 minute chart???????) The micro 3 minute chart shows a set up in place for us to advance TODAY into the low teens. But under no circumstance can SOL breach $102. If so, there's a high likelihood we will breach the $98 level. I'll update...