So I am primarily charting vs BTC for now as BTC is on the move, so the idea is to decide whether to be in an alt or BTC for maximum gains.
In the case of Solana, which is one of my favorite platforms to use, I think the BTC correction still has a ways to go. We got a mega pump, and so it makes sense that this correction would take time to digest that move up. Currently, it looks like a standard ABC correction happening. C wave usually a 1-5 wave move and I am targeting the 0.618 level as the usual area of interest for a wave 2. That 0.618 level also happens to line up well as a 1:1 extensions from A-C.
Keep in mind, this doesn't necessarily mean the USD pair is going to collapse and also that wave 2s can retrace much deeper than the 0.618.
In the case of Solana, which is one of my favorite platforms to use, I think the BTC correction still has a ways to go. We got a mega pump, and so it makes sense that this correction would take time to digest that move up. Currently, it looks like a standard ABC correction happening. C wave usually a 1-5 wave move and I am targeting the 0.618 level as the usual area of interest for a wave 2. That 0.618 level also happens to line up well as a 1:1 extensions from A-C.
Keep in mind, this doesn't necessarily mean the USD pair is going to collapse and also that wave 2s can retrace much deeper than the 0.618.
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Here is the more bullish count, which I don't really like, but it would have this correction ending at the 0.5 level.
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Sol getting close to invalidating my bearish bias vs btc. a close above the blue line on the 4hr and i would consider the primary count incorrect: