Elliott Wave Analysis TradingLounge Daily Chart,

Cardano / U.S. dollar(ADAUSD)

ADAUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

position: Wave Y

Direction Next higher Degrees: wave (II)

Wave Cancel invalid level: 

Details: The decline of wave Y is likely to end and the price is re-entering the uptrend.

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

It looks like the wave (II) correction is complete and the price is still likely to move up. Look for an opportunity to join the wave (III) uptrend.

Cardano / U.S. dollar(ADAUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum.

(Click on image to enlarge)

Elliott Wave Analysis TradingLounge H4 Chart,

Cardano / U.S. dollar(ADAUSD)

ADAUSD Elliott Wave Technical Analysis 

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

position: Wave C

Direction Next higher Degrees: Wave (2) of Impulse

Wave Cancel invalid level: 

Details: Wave (2) is likely to end and the price is re-entering the uptrend.

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

It looks like the wave 2 correction is complete and the price is still likely to move up. Look for an opportunity to join the wave 3 uptrend.

Cardano / U.S. dollar(ADAUSD)Technical Indicators: The price is below the MA200indicating a downtrend, The Wave Oscillator is a Bearish Momentum.

(Click on image to enlarge)

More By This Author:

Elliott Wave Forecast: Nasdaq Tech Stocks Set For Big Moves; Market Top Insights
XAUUSD Commodity Elliott Wave Technical Analysis - Friday, September 6
S&P/TSX 60 Index Elliott Wave Technical Analysis - Friday, September 6