Morning Update: Retrace to $45-$46 Next?

18 Ağu 2022

With 5 waves down we start to look for a retrace and what shape that will take. Ideally we get a 3 wave move into the upper $45 region. Today we should start to see the beginnings of our "a" wave advance into the high $43 range. This probably will not conclude until late this evening or even into tomorrow. As per Solana's usual M.O. the bounce off of the low at $40.10 is certainly not compelling so be on the look out for OML. Just in case. If that happens it will change my retrace targets but let's not get ahead of ourselves.

Below is the zoomed in micro chart.

Housekeeping: I'll be off the desk today and tomorrow. I'll return to do my weekend updates. If a short trade develops (which I do not think this will complete by tomorrow) I will jump online and inform my followers. I have a feeling this wave 2 will be drawn out....but that's just a suspicion of mine. No analysis involved.

Best to all,

Chris