Cardano looking to turn higher from Elliott Wave blue box area
|In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of Cardano ticker symbol: $ADAUSD. We presented to members at the elliottwave-forecast. In which, the rally from the June 2023 low is unfolding as an impulse structure. Showing a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the crypto & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
Cardano four-hour Elliott Wave chart from 12.19.2024
Here’s the 4-hour Elliott wave chart from the 12.19.2024 update. In which, the cycle from the 8.05.2024 low ended in wave ((3)) at $1.327 high. Down from there, the ADAUSD made a pullback in wave ((4)) to correct that cycle. The internals of that pullback unfolded as Elliott wave double three structure where wave (W) ended at $0.911 low. Wave (X) bounce ended at $1.182 high and wave (Y) managed to reach the blue box area at $0.766- $0.507. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
Cardano latest four-hour Elliott Wave chart from 12.22.2024
This is the latest 4-hour Elliott wave Chart from the 12.22.2024 Weekend update. In which the ADAUSD is showing a reaction higher taking place, right after ending the double correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $1.327 high is still needed to confirm the next extension target higher towards $1.461- $1.677 & avoid a double correction lower.
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