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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: Double Corrective

Position: Wave Y

Direction next higher degrees: Wave (II)

Details: The decline of wave Y is likely to end and the price is re-entering the uptrend.

Cardano/ U.S. dollar (ADAUSD) Trading Strategy: Cadarno's outlook looks like the Wave 1 rally is likely to end. The price is entering a correction in Wave 2, likely to test the 61.8%(0.365) level of Wave 1 before rising again in Wave 3, so wait for the correction to complete for an opportunity to join the trend again.

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

ADA/USD one-day chart

ADA

ADA/USD Elliott Wave technical analysis 

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave B

Direction next higher degrees: Wave (2) of Impulse

Details: Wave (2) is likely to retrace the 61.8% level of wave (1)

Cardano/ U.S. dollar (ADA/USD) Trading Strategy: Cadarno's outlook looks like the Wave 1 rally is likely to end. The price is entering a correction in Wave 2, likely to test the 61.8%(0.365) level of Wave 1 before rising again in Wave 3, so wait for the correction to complete for an opportunity to join the trend again.

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

ADA/USD four-hour chart

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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