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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.

ADA/USD trading strategy

The correction in wave (II) is likely to test the 61.8% level (0.359) before rising again in wave (III), waiting for the correction to complete to rejoin the trend further uptrend.

ADA/USD technical indicators

The price is below the MA200 indicating a downtrend, the wave oscillator is a bearish momentum.

ADA/USD Elliott Wave technical analysis 

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.

ADA/USD trading strategy

The correction in wave (II) is likely to test the 61.8% level (0.359) before rising again in wave (III), waiting for the correction to complete to rejoin the trend further uptrend.

ADA/USD technical indicators

The price is below the MA200 indicating a downtrend, the wave oscillator is a bearish momentum.

ADA/USD 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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