Evening Update: Need a "b" and then a "c" down to complete

2022년 5월 5일

I've feel like I've been writing about an impending bottom forever...but now we in the final squiggles.

I can't tell you how many private chat messages I received earlier when SOL was at $95 - $92 about how I'm wrong and this is going to keep going higher. By 11am EST those message suddenly stopped..(lol). I try to remain price agnostic. I'm also a holder of Solana. My crypto-wallet balance would love it if I were to be wrong...but that's not how Elliott Wave Principle works. These waves of trader sentiment & psychology show up in price patterns and each pattern must run it's course.

Right now it looks like our micro a wave is done or maybe there's a chance we get OML...then a micro b and c wave to finish this off. You may have noticed I don't call top ticks or bottom ticks. To me, that's fool gold. Trend trade is what adds wealth over long periods of time. With that being said I think this b wave counter trend advance could reach $88-90...from there we have to deal with the dreaded C wave down. Remember C waves feel like the market is crashing. TODAY'S CRASHINESS...WAS AN "a" wave.

When this "c" wave starts...if we take out $75.34 this turns into a wave 2 bottom...and that low could be in the $50-$60's. But I feel right now that's a low probability.

Watch for my first SP500 post tonight. If you like the play by play with Solana you'll want my take on the US markets. I promise you, you'll want to stay tuned.

Best to All,

Chris