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:

Cadarno's outlook looks like the Wave 1 rally is likely to end. The price is entering a correction in Wave 2, likely to test the 61.8%(0.365) level of Wave 1 before rising again in Wave 3, so wait for the correction to complete for an opportunity to join the trend again.

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 B

Direction Next higher Degrees: Wave (2) of Impulse

Wave Cancel invalid level:

Details: Wave (2) is likely to retrace the 61.8% level of wave (1)

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

Cadarno's outlook looks like the Wave 1 rally is likely to end. The price is entering a correction in Wave 2, likely to test the 61.8%(0.365) level of Wave 1 before rising again in Wave 3, so wait for the correction to complete for an opportunity to join the trend again.

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)

More By This Author:

Elliott Wave Technical Analysis: Swiss Market Index - Wednesday, Aug 14
Elliott Wave Technical Analysis: Caterpillar Inc. - Wednesday, Aug. 14
Unlocking ASX Trading Success: V300AEQ ETF Units - Wednesday, Aug. 14