Cardano Elliott Wave technical analysis [Video]
|Elliott Wave Analysis - TradingLounge Daily Chart.
ADA/USD (ADAUSD).
ADA/USD Elliott Wave technical analysis
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Double Corrective.
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Position: Wave ((Y)).
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Direction Next Higher Degrees: –
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Wave Cancel Invalid Level: –
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Details: ADAUSD is forming a Corrective Wave II. The long-term trend remains bullish as long as the price does not drop below 0.506.
ADA/USD Trading Strategy:
Currently, the price is progressing through Corrective Wave II, structured as (W)-(X)-(Y), with strong support around the 0.786 Fibonacci Retracement level at 0.535.
Trading Strategies:
Buy Strategy (Long Position):
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If the price rebounds from support near 0.535, aim for profit above 1.327.
Risk Management:
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Wave Cancel Invalid Level: 0.506 (If the price falls below this level, the current Elliott Wave structure will be invalid).
TradingLounge Analyst: Kittiampon Somboonsod, CEWA.
(DAILY CHART HERE).
Elliott Wave Analysis - TradingLounge H4 Chart.
ADA/USD (ADAUSD).
ADA/USD Elliott Wave technical analysis
-
Function: Counter Trend.
-
Mode: Corrective.
-
Structure: Double Corrective.
-
Position: Wave ((Y)).
-
Direction Next Higher Degrees: –
-
Wave Cancel Invalid Level: –
-
Details: ADAUSD is developing Corrective Wave II. The long-term trend remains bullish as long as the price does not break below 0.506.
ADA/USD Trading Strategy:
Currently, the price remains in Corrective Wave II, following the (W)-(X)-(Y) structure, with key support at the 0.786 Fibonacci Retracement level around 0.535.
Trading Strategies:
Buy Strategy (Long Position):
-
If the price begins to recover from 0.535, target profits above 1.327.
Risk Management:
-
Wave Cancel Invalid Level: 0.506 (Breaking below this level invalidates the current Elliott Wave pattern).
TradingLounge Analyst: Kittiampon Somboonsod, CEWA.
ADA/USD Elliott Wave technical analysis [Video]
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