Cardano Elliott Wave technical analysis [Video]

ADA/USD Elliott Wave technical analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Details: ADAUSD is developing Corrective Wave II. Long-term trend remains Bullish if price does not break 0.506.

ADA/USD trading strategy: Currently, the price is in Corrective Wave II, Corrective Wave structure is (W)-(X)-(Y) with support near 0.786 Fibonacci Retracement around 0.535.

Trading strategies

Buy strategy (long position):

• If the price starts to reverse from the support near 0.535, aim to take profit above the 1.327 zone.

Risk management:

• W.C. Invalid: 0.506 (support level that if price breaks below, this Elliott Wave structure will be incomplete).

ADA/USD Elliott Wave technical analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Direction next higher degrees:

Wave cancel invalid level: 

Details: ADA/USD is developing Corrective Wave II. Long-term trend remains Bullish if price does not break 0.506.

ADA/USD trading strategy: Currently, the price is in Corrective Wave II, Corrective Wave structure is (W)-(X)-(Y) with support near 0.786 Fibonacci Retracement around 0.535.

Trading strategies

Buy strategy (long position):

• If the price starts to reverse from the support near 0.535, aim to take profit above the 1.327 zone.

Risk management:

• W.C. Invalid: 0.506 (support level that if price breaks below, this Elliott Wave structure will be incomplete).

Cardano Elliott Wave technical analysis [Video]