Strong recovery off $94
Nothing goes straight up or down. Today we saw a solid recovery after being down 7 points to rally green on the day. As we await the completion of 5 waves up. Solana needed a support level to bounce off of explosively. This is how bottoms behave.
However, we're not out of the woods. What do we need price to do to tell us this rally is sustainable?
1) Has to trade above $10. This is the first sign we have a sustainable reversal. This is where the ED down started so we must recover all of those losses quickly.
2) The level of $116 is crucial and it must be taken out impulsively considering we would be in the III of the 3rd wave by then.
As always we await clues.
Best to all.
Chris
However, we're not out of the woods. What do we need price to do to tell us this rally is sustainable?
1) Has to trade above $10. This is the first sign we have a sustainable reversal. This is where the ED down started so we must recover all of those losses quickly.
2) The level of $116 is crucial and it must be taken out impulsively considering we would be in the III of the 3rd wave by then.
As always we await clues.
Best to all.
Chris
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