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Cardano Elliott Wave technical analysis [Video]

Cardano Elliott Wave technical analysis [Video]
Peter MathersPeter MathersTradingLounge

ADA/USD Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Flat.

Position: Wave C.

Direction next higher degrees: Wave (II) of Impulse.

Details: Wave II Is equal to 61.8% of Wave I at 0.358

Cardano/ U.S. dollar(ADAUSD)Trading Strategy: The second wave correction is likely to go down to test the 0.356 level before rising again in the third wave. Therefore, the overall picture is a short-term pullback to continue rising. Wait for the correction to complete to rejoin the trend.

Cardano/ U.S. dollar(ADAUSD)Technical Indicators: The price is above the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum.

ADA

ADA/USD Elliott Wave technical analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave 5

Direction next higher degrees: Wave ((C)) of Zigzag

Wave cancel invalid Level: 81.238

Details: The Five-Wave Decline of Wave ((C)) trend to test 11.582 Level

Cardano/ U.S. dollar(ADAUSD)Trading Strategy: The second wave correction is likely to go down to test the 0.356 level before rising again in the third wave. Therefore, the overall picture is a short-term pullback to continue rising. Wait for the correction to complete to rejoin the trend.

Cardano/ U.S. dollar(ADAUSD)Technical Indicators: The price is above the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum.

ADA

Cardano Elliott Wave technical analysis [Video]

Author

Peter Mathers

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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