Image Source: Pixabay

Elliott Wave Analysis TradingLounge Daily Chart

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 (II) of Impulse

Wave Cancel invalid level:

Details: Wave II Is equal to 61.8% of Wave I at 0.358.

Cardano/ U.S. dollar(ADAUSD)Trading Strategy: 
ADA overall is still in the period of correction. In the position of wave (II) with a Flat pattern, the view is for a short-term pullback before rising again in wave (III). Wait for the correction to complete to rejoin the uptrend.

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

Elliott Wave Analysis TradingLounge H4 Chart

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 (II) of Impulse

Wave Cancel invalid level: 

Details: Wave II Is equal to 61.8% of Wave I at 0.358.

Cardano/ U.S. dollar(ADAUSD)Trading Strategy:
ADA overall is still in the period of correction. In the position of wave (II) with a Flat pattern, the view is for a short-term pullback before rising again in wave (III). Wait for the correction to complete to rejoin the uptrend.

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

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

More By This Author:

Wheat Commodity Elliott Wave Technical Analysis - Thursday, June 20
DAX Index Elliott Wave Technical Analysis 1
NZDUSD Forex Elliott Wave Technical Analysis