Elliott Wave Analysis TradingLounge Daily Chart, Wednesday, May 3

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Cardano /U.S.dollar (ADA-X)

ADAUSD Elliott Wave Technical Analysis 

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Zigzag

Position: Wave B

Direction Next higher Degrees: wave (2) of Motive

Details: Wave reversal ((2)) has a probability of .786 x length Wave ((1)).

Wave Cancel invalid level: 0.3892

Cardano /U.S. Dollar (ADAUSD) Trading Strategy: There is an additional downside risk of a wave C correction and corresponds with prices below the MA200 line, which provides a general picture of a short-term downtrend. Wait for the fix to finish to join the trend again.

Cardano /U.S. Dollar (ADAUSD) Technical Indicators: The price is below the MA200 indicating a Downtrend MACD and RSI are Bearish Momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart

Cardano /U.S. Dollar (ADAUSD)

ADAUSD Elliott Wave Technical Analysis 

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Zigzag

Position: Wave B

Direction Next higher Degrees: wave (2) of Motive

Details: Wave reversal ((2)) has a probability of .786 x length Wave ((1)).

Wave Cancel invalid level: 0.3892

Cardano /U.S. Dollar (ADAUSD) Trading Strategy: There is an additional downside risk of a wave C correction and corresponds with prices below the MA200 line, which provides a general picture of a short-term downtrend. Wait for the fix to finish to join the trend again.

Cardano /U.S. Dollar (ADAUSD) Technical Indicators: The price is below the MA200 indicating a Downtrend MACD and RSI are Bearish Momentum.

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