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.
ADA/USD trading strategy
ADA overall is still in the period of correction. In the position of wave (II) with a Flat pattern, the view is therefore for a short-term pullback before rising again in wave (III), waiting for the correction to complete to rejoin the uptrend.
ADA/USD technical indicators
The price is below the MA200 indicating a downtrend, the wave oscillator is a bearish momentum.
.thumb-638545402747137189.png.5a0fecb27f4d47a086a3452293852808-638545402747137189.png)
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
ADA overall is still in the period of correction. In the position of wave (II) with a flat pattern, the view is therefore for a short-term pullback before rising again in wave (III), waiting for the correction to complete to rejoin the 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
TradingLounge
Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.
