Cardano Elliott Wave technical analysis [Video]
![Cardano Elliott Wave technical analysis [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Cardano/cardano_XtraLarge.jpg)
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.
Cadarno/ U.S. dollar(ADAUSD)Trading Strategy: The second wave correction in the Expanded Flat pattern, where we are in the middle of a decline in Wave C, will have five extended internal sub-waves. But we still have one more decline left for Wave C to complete. So wait for the correction to complete to rejoin the trend.
Cardano/ U.S. dollar(ADAUSD)Technical Indicators: The price is below the MA200 indicating a Dow trend, The Wave Oscillator is a Bearish Momentum.
ADA/USD four-hour chart
Function: Follow Trend.
Mode: Motive.
Structure: Impulse.
Position: Wave 4.
Direction next higher degrees: Wave C of Flat.
Details: A short-term pullback in wave 4 before falling again in wave 5.
Cardano/ U.S. dollar(ADAUSD)Trading Strategy: The second wave correction in the Expanded Flat pattern, where we are in the middle of a decline in Wave C, will have five extended internal sub-waves. But we still have one more decline left for Wave C to complete. So wait for the correction to complete to rejoin the trend.
Cardano/ U.S. dollar(ADAUSD)Technical Indicators: The price is below the MA200 indicating a Dow trend, The Wave Oscillator is a Bearish Momentum.
Cardano Elliott Wave technical analysis [Video]
Author
Peter Mathers
TradingLounge
Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.
