Morning Update: Solana micro wave 4 done?

The overnight session didn't bring us any surprises. As noted yesterday evening, we came right into the ideal area for a wave 4. I am now looking for a wave 5 decent that at the very least takes our the low of $35.30 set yesterday. I would imagine this can take a couple days or more to complete. Although the MACD indicator seems to have reset for a decline on the hourly chart above, a more prolonged consolidation in this area would be more in keeping with a final leg down. Therefore this area could develop into a triangle consolidation and that would keep traders on their toes well into the weekend.

Any trade above $61 starts to call this final decline into question.

If Solana price does immediately decline past the $35.30 we run the risk of this still being an extended wave 3 of C of 5 of the larger 4. If this is the route price chooses to adopt TODAY we will undoubtedly stretch further into our target box for a bottom.

Best to All,

Chris