So far I see a breakout of this falling wedge structure and price action has returned to test the wedge. My stop loss is by the ray at 128 in case we have a W pattern and a lower low. I am looking for continuation to the upside. We see the price action has respected the fib retracement on this uptrend, stalling at the 0.5 level around 170. The path is approximate but I suspect we will see a quick move to just under 300. Solana has been crazy and I am sure everyone is looking for overperformance. But even the 1.618 target is optimistic considering that a falling wedge true target is the height of the wedge.
If we view this as a flag pole continuation pattern then the targets are based on a fib extension and looking for longer term target would be as such. Anything over 900 is a very long term target.
If we view this as a flag pole continuation pattern then the targets are based on a fib extension and looking for longer term target would be as such. Anything over 900 is a very long term target.
Note
AS it stands right now my concerns of a W pattern with a lower low came true, but price has recovered and is now finding support on top of the wedge. My stop didn't trigger and I am still on the ride.
Trade closed: stop reached
Stopped out.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
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