Photo by Executium on Unsplash
Elliott Wave Analysis - TradingLounge Daily Chart
ADAUSD Elliott Wave Technical Analysis
- Function: Counter Trend
- Mode: Corrective
- Structure: Double Corrective
- Position: Wave ((Y))
- Direction Next Higher Degrees: –
- Wave Cancel Invalid Level: –
- Details: ADAUSD is forming a Corrective Wave II. The long-term trend remains bullish as long as the price does not drop below 0.506.
ADA/USD Trading Strategy:
Currently, the price is progressing through Corrective Wave II, structured as (W)-(X)-(Y), with strong support around the 0.786 Fibonacci Retracement level at 0.535.
Trading Strategies:
Buy Strategy (Long Position):
- If the price rebounds from support near 0.535, aim for profit above 1.327.
Risk Management:
- Wave Cancel Invalid Level: 0.506 (If the price falls below this level, the current Elliott Wave structure will be invalid).
TradingLounge Analyst: Kittiampon Somboonsod, CEWA
Elliott Wave Analysis - TradingLounge H4 Chart
ADAUSD Elliott Wave Technical Analysis
- Function: Counter Trend
- Mode: Corrective
- Structure: Double Corrective
- Position: Wave ((Y))
- Direction Next Higher Degrees: –
- Wave Cancel Invalid Level: –
- Details: ADAUSD is developing Corrective Wave II. The long-term trend remains bullish as long as the price does not break below 0.506.
ADA/USD Trading Strategy:
Currently, the price remains in Corrective Wave II, following the (W)-(X)-(Y) structure, with key support at the 0.786 Fibonacci Retracement level around 0.535.
Trading Strategies:
Buy Strategy (Long Position):
- If the price begins to recover from 0.535, target profits above 1.327.
Risk Management:
- Wave Cancel Invalid Level: 0.506 (Breaking below this level invalidates the current Elliott Wave pattern).
More By This Author:
Elliott Wave Technical Analysis: ASX Limited - Tuesday, March 4
Elliott Wave Technical Analysis: British Pound/Japanese Yen - Tuesday, March 4
Elliott Wave Technical Forecast: Insurance Australia Group Limited
Comments
Log in or sign up to join the conversation.