Image Source: Unsplash
 

Elliott Wave Analysis TradingLounge Daily Chart, 21 October 2022, Cardano (ADAUSD)

ADAUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave (5)

Direction Next higher Degrees: Sub-wave of Wave V

Details: the price building in the sub-wave of wave (5), Price trend trade below 0.319 but must not reverse above 0.3890

Wave Cancel invalid Level: 0.3890

Cardano (ADAUSD) Trading Strategy: The price continues its downward trend where wave 5 tends to be equal to .618 x the length of wave 1 and wave 3 combines at 0.319 level.

Longer trading opportunities may be waiting for wave 5 to complete.

Cardano (ADAUSD)Technical Indicators: The price is below the MA200 MASO line, and EW. Oscillator below zero-line momentum is Bearish.

Analyst: Kittiampon Somboonsod

ADAUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave (5)

Direction Next higher Degrees: Sub-wave of Wave V

Details: the price building in the sub-wave of wave (5), Price trend trade below 0.319 but must not reverse above 0.3890

Wave Cancel invalid Level: 0.3890

Cardano (ADAUSD) Trading Strategy: The price continues its downward trend where wave 5 tends to be equal to .618 x the length of wave 1 and wave 3 combines at 0.319 level.

Longer trading opportunities may be waiting for wave 5 to complete.

Cardano (ADAUSD)Technical Indicators: The price is below the MA200 and MAS0 line, momentum is Bearish. and EW. Oscillator has a bullish divergence short-term price opportunity reverse.

More By This Author:

Elliott Wave Technical Analysis: Zoom Video Communications
Elliott Wave Technical Analysis: Monero (XMRUSD) - Thursday, Oct. 20
Elliott Wave Technical Analysis: Intel, Oct. 19