Cardano Elliott Wave technical analysis [Video]

Elliott Wave Analysis - TradingLounge Daily 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 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):

• If the price rebounds from support near 0.535, aim for profit above 1.327.

Risk Management:

• 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]