Solana Elliott Wave Analysis โ Last Low Before Reversal?MEXC:SOLUSDT
We are currently in a downtrend, looking for one final low before a counter-move takes place. In my chart, we are in a blue (4) to blue (5) wave. Within this wave count, I am now looking for an ABC structure, which will lead us to the blue (5) wave.
At the moment, we are in the yellow A-B-C wave, approaching the end of yellow C, which is expected to top out around 148 USDT. After that, I anticipate a red A-B-C correction, bringing us first to 129 USDT, before a possible move up to red C at 170 USDT.
๐จ Key Levels & Indicators:
If the price reverses at 170 USDT, I would consider the green wave count active.
However, if we break above the white line at 180 USDT, the bearish trend is invalid, and bulls take control.
A short-term pullback is expected between 147โ148 USDT (max. 149 USDT) โ there might be small overshoots, so don't set stop-loss too tight.
RSI is currently overextended, sitting around 75, which indicates the market is heavily overbought.
The MACD is also showing a potential reversal point, further supporting the idea of an upcoming correction.
Overall, we are in a very overbought market, and signs of a reversal are building up. I'll be watching closely to see if the market is still acting bearish โ stay sharp and trade safely! ๐