Image Source: PexelsElliott Wave Analysis TradingLounge Daily ChartCardano/ U.S. dollar(ADAUSD)ADAUSD Elliott Wave Technical Analysis Function: Counter TrendMode: CorrectiveStructure: FlatPosition: Wave CDirection Next higher Degrees: wave (II) of ImpulseWave Cancel invalid level: Details: Wave II Is equal to 61.8% of Wave I at 0.358Cardano/ U.S. dollar(ADAUSD)Trading Strategy:
The correction in wave (II) is likely to test the 61.8% level (0.359) before rising again in wave (III). Wait for the correction to complete before rejoining the uptrend.Cardano/ U.S. dollar(ADAUSD)Technical Indicators:
The price is below the MA200 indicating a Downtrend. The Wave Oscillator is a Bearish Momentum.
Elliott Wave Analysis TradingLounge H4 ChartCardano/ U.S. dollar(ADAUSD)ADAUSD Elliott Wave Technical Analysis Function: Follow TrendMode: MotiveStructure: ImpulsePosition: Wave 4Direction Next higher Degrees: wave C of FlatWave Cancel invalid level: Details: A short-term pullback in wave 4 before falling again in wave 5.Cardano/ U.S. dollar(ADAUSD)Trading Strategy:
The correction in wave (II) is likely to test the 61.8% level (0.359) before rising again in wave (III). Wait for the correction to complete before rejoining the uptrend.Cardano/ U.S. dollar(ADAUSD)Technical Indicators:
The price is below the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum.
More By This Author:Elliott Wave Technical Analysis: Soybeans – Thursday, May 30
DAX (Germany) Index Elliott Wave Technical Analysis
VanEck Semiconductor ETF Stocks Elliott Wave Technical Analysis – Thursday, May 30
