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Elliott Wave Analysis TradingLounge Daily Chart, 03 March 2023.  

Cardano / U.S. Dollar (ADAUSD)

ADAUSD Elliott Wave Technical Analysis

Function: Counter trend

Mode: Corrective

Structure: Flat

Position: Wave (C)

Direction Next higher Degrees: wave ((2)) of Motive

Details:  Retracement of wave (2) equal to .618 x Length wave (1) at 0.3064

Wave Cancel invalid level: 0.2390

Cardano / U.S. Dollar (ADAUSD) Trading Strategy: The retracement of the wave ((2)) is likely to return to the .618 of the wave length ((1)) at the level of 0.3061, at the end of which the price will re-enter the main trend in the wave ((3)). Gives us the opportunity to join the trend again. Wait for wave ((2)) to complete.

Cardano / U.S. Dollar (ADAUSD) Technical Indicators: The price is below the MA200 indicating a downtrend. The wave oscillators below Zero-Line momentum are bearish

Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, 03 March 2023.  

Cardano / U.S. Dollar (ADAUSD)

ADAUSD Elliott Wave Technical Analysis

Function: Counter trend

Mode: Corrective

Structure: Flat

Position: Wave (C)

Direction Next higher Degrees: wave ((2)) of Motive

Details:  in an expanded flat, wave C equals 1.382 or 1.618 multiplied by the length of wave A

Wave Cancel invalid level: 0.2390

Cardano / U.S. Dollar (ADAUSD) Trading Strategy: The retracement of the wave ((2)) is likely to return to the .618 of the wavelength ((1)) at the level of 0.3061, at the end of which the price will re-enter the main trend in the wave ((3)). Gives us the opportunity to join the trend again. Wait for wave ((2)) to complete.

Cardano / U.S. Dollar (ADAUSD) Technical Indicators: The price is below the MA200 indicating a downtrend. The wave oscillators below Zero-Line momentum are bearish.

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