Cardano Elliott Wave technical review [Video]
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ADA/USD Elliott Wave technical review
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Flat.
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Position: Wave ((C)).
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Next higher degree direction: Wave II.
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Invalidation level: Not defined.
ADA/US Dollar (ADA/USD) – Trading plan
Cardano (ADA) is currently positioned in wave C of wave II, which marks the final stage of a broader corrective move. Wave I concluded at the 1.331 USD level. Wave II follows a typical ABC correction pattern and is approaching the completion of wave C. The expected target for wave (5) within wave C is around 0.553 USD.
Trading strategy
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Approach
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Tactic.
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Short-term traders (Swing trading).
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Monitor for a new wave formation. The 0.53–0.56 USD price range could present a favorable entry point if a strong reversal pattern appears, such as:
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Bullish divergence.
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Pin bar.
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Breakout.
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Risk management
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The wave count becomes invalid if price drops below 0.292 USD. In such case, the entire wave structure needs re-evaluation.
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ADA/USD Elliott Wave technical review
-
Function: Counter Trend.
-
Mode: Corrective.
-
Structure: Flat.
-
Position: Wave ((C)).
-
Next higher degree direction: Wave II.
-
Invalidation level: Not defined.
ADA/US Dollar (ADA/USD) – Trading plan
On the H4 timeframe, Cardano (ADA) is likewise completing wave C of wave II – the last part of a major corrective cycle. Wave I peaked at 1.331 USD. The ABC correction within wave II is ending, with the final wave C targeting approximately 0.553 USD.
Trading strategy
-
Approach.
-
Tactic.
-
Short-term traders (Swing trading).
-
Watch for a new impulsive wave. The 0.53–0.56 USD zone could be advantageous if clear reversal signs appear such as:
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Bullish divergence.
-
Pin bar.
-
Breakout.
-
-
-
-
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Risk management
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The structure becomes invalid below the 0.292 USD level. If this happens, a full structural review is required.
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Analyst: Kittiampon Somboonsod, CEWA.
ADA/USD Elliott Wave technical review [Video]
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