Elliott Wave Technical Analysis: Cardano - Monday, Feb. 3

Elliott Wave Analysis TradingLounge

ADA/ U.S. dollar(ADAUSD) Daily Chart

ADAUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

position: Wave C

Direction Next higher Degrees: 

Wave Cancel invalid level:

ADA/ U.S. dollar(ADAUSD)Trading Strategy:

The current structure of ADAUSD shows a correction in Corrective Wave II with a chance of falling to the important support level around 0.53 USD - 0.32 USD. Investors should follow the reversal signals from both the wave structure and indicators before deciding to enter a position.

Trading strategies

* Buy Strategy (Long Position):

   * • You should wait for the price to drop to the Wave C target near the 0.53 USD support or until the price structure is complete and the RSI starts showing reversal signals.

* Risk Management:

   * • If the price moves below the W.C. Invalid support (0.32 USD), you should exit the position immediately to reduce your risk.

ADA/ U.S. dollar(ADAUSD) 4hr chart

ADAUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

position: Wave C

Direction Next higher Degrees: 

Wave Cancel invalid level:

ADA/ U.S. dollar(ADAUSD)Trading Strategy:

The current structure of ADAUSD shows a correction in Corrective Wave II with a chance of falling to the important support level of around 0.53 USD - 0.32 USD. Investors should follow the reversal signals from both the wave structure and indicators before deciding to enter a position.

Trading strategies

* Buy Strategy (Long Position):

   * • You should wait for the price to drop to the Wave C target near the 0.53 USD support or until the price structure is complete and the RSI starts showing reversal signals.

* Risk Management:

   * • If the price moves below the W.C. Invalid support (0.32 USD), you should exit the position immediately to reduce your risk.

Technical Analyst: Kittiampon Somboonsod

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