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Elliott Wave Analysis TradingLounge Daily Chart, 8 January 2024.Cardano / U.S. Dollar(ADAUSD)ADAUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: ZigzagPosition: Wave ADirection Next higher Degrees: wave (II) of ImpulseWave Cancel invalid level: 0.241Details: Wave (II) is Equal to 61.8% of wave (I) at 0.406Cardano/U.S. Dollar (ADAUSD) Trading Strategy: ADA’s rise appears to have ended at the 0.678 level, which was a five-wave Impulse rally in Wave 1. Therefore, the next price structure is a Wave 2 correction pattern with a retracement level of 61.8. % Wave 1, so wait for Wave 2 to complete for an opportunity to rejoin the uptrend.Cardano/U.S. Dollar (ADAUSD) Technical Indicators: The price is Above the MA200 indicating an uptrend, Wave Oscillatoris a bearish Momentum.Analyst: Kittiampon Somboonsod, CEWAElliott Wave Analysis TradingLounge 4H Chart, 8 January 2024.Cardano/U.S. Dollar(ADAUSD)ADAUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: ZigzagPosition: Wave ADirection Next higher Degrees: wave (II) of ImpulseWave Cancel invalid level: 0.241Details: Wave (II) is Equal to 61.8% of wave (I) at 0.406Cardano/U.S. Dollar (ADAUSD) Trading Strategy: ADA’s rise appears to have ended at the 0.678 level, which was a five-wave Impulse rally in Wave 1. Therefore, the next price structure is a Wave 2 correction pattern with a retracement level of 61.8. % Wave 1, so wait for Wave 2 to complete for an opportunity to rejoin the uptrend.Cardano/U.S. Dollar (ADAUSD) Technical Indicators: The price is below the MA200 indicating a dowtrend, Wave Oscillators a bearish Momentum.
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