#Solana has been following the December 9th Forecast to the dot! Time for refreshing the charts and targets.
From the December 9th Forecast: “If Solana closes December below $181, be prepared for the worst.”
This Long Term Forecast covers:
– Monthly, weekly and daily candles and corresponding TA;
– Long Term Elliott Wave forecast;
– Short Term EW projection.
The December candle is bearish Engulfing that confirmed a Spinning Top of November. As a result Solana experiences lower prices in January. In order to confirm long term decline the coin needs to close below $133 in January.
The last week candle completed a Falling 3 Methods on 5 candles and the odds are strong bearish with support by indicators. Solana is expected to move lower, however, it could take a pause for a few weeks before shooting for the lower prices.
The daily formation shows a possible local bottom that could lead to at least a short-term rally. If Solana confirms the trend by moving strongly above 8 and 20 EMA lines, there is a chance of a bigger reversal. However, keeping in mind the monthly and weekly candles, the bigger reversal is of low probability at this point.
From the previous forecast: “If Solana closes December below $181, be prepared for the worst.”
There have been no changes on the chart for a month. All targets stand.
Solana is in the red target area, possibly ready for a reversal. However, the smaller frames suggest that the coin to continue downwards.
The most typical target areas by various Fibonacci ratios:
$160-56, red rectangle
The rectangles overlap at $87-39 (green rectangle) that I consider the most probable target area for this large corrective action.
The short term chart below – a possible shape of the continued decline – an ending diagonal for wave C of (2).
With very strong bearish odds at the monthly and weekly frames, it is difficult to expect a rally in the upcoming weeks. However, if Solana prints a very bullish weekly candle, it could be viewed as a mid-term bottom, followed by a rally.
Possible short term targets: $123-95.
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