Cardano Elliott Wave technical review [Video]

ADA/USD Elliott Wave technical review

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Flat.

• Position: Wave ((C)).

• Next higher degree direction: Wave II.

• Invalidation level: Not defined.

ADA/US Dollar (ADA/USD) – Trading plan

Cardano (ADA) is currently positioned in wave C of wave II, which marks the final stage of a broader corrective move. Wave I concluded at the 1.331 USD level. Wave II follows a typical ABC correction pattern and is approaching the completion of wave C. The expected target for wave (5) within wave C is around 0.553 USD.

Trading strategy

• Approach

  • Tactic.

    • Short-term traders (Swing trading).

      • Monitor for a new wave formation. The 0.53–0.56 USD price range could present a favorable entry point if a strong reversal pattern appears, such as:

        • Bullish divergence.

        • Pin bar.

        • Breakout.

• Risk management

  • The wave count becomes invalid if price drops below 0.292 USD. In such case, the entire wave structure needs re-evaluation.

ADA/USD Elliott Wave technical review

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Flat.

• Position: Wave ((C)).

• Next higher degree direction: Wave II.

• Invalidation level: Not defined.

ADA/US Dollar (ADA/USD) – Trading plan

On the H4 timeframe, Cardano (ADA) is likewise completing wave C of wave II – the last part of a major corrective cycle. Wave I peaked at 1.331 USD. The ABC correction within wave II is ending, with the final wave C targeting approximately 0.553 USD.

Trading strategy

• Approach.

  • Tactic.

    • Short-term traders (Swing trading).

      • Watch for a new impulsive wave. The 0.53–0.56 USD zone could be advantageous if clear reversal signs appear such as:

        • Bullish divergence.

        • Pin bar.

        • Breakout.

• Risk management

  • The structure becomes invalid below the 0.292 USD level. If this happens, a full structural review is required.

Analyst: Kittiampon Somboonsod, CEWA.

ADA/USD Elliott Wave technical review [Video]