Elliott Wave Analysis TradingLounge Daily Chart: Cardano/ U.S. Dollar (ADAUSD)
ADAUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave Y
Next Higher Degree Direction: Wave (II)
Invalidation Level:
Details: The current decline in Wave Y appears to be nearing completion, suggesting that ADAUSD is poised to re-enter its uptrend.
Cardano/ U.S. Dollar (ADAUSD) Trading Strategy
As the corrective phase of Wave (II) likely concludes, the price is beginning to rise in Wave (III). Traders should watch for a short-term pullback as a potential entry point to join the uptrend.
Cardano/ U.S. Dollar (ADAUSD) Technical Indicators
- The price is trading above the MA200, signaling a continuation of the uptrend.
- The Wave Oscillator indicates bullish momentum.
Elliott Wave Analysis TradingLounge H4 Chart: Cardano/ U.S. Dollar (ADAUSD)
ADAUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave Y
Next Higher Degree Direction: Wave (II)
Invalidation Level:
Details: The decline in Wave Y is likely concluding, indicating that ADAUSD may be re-entering its uptrend.
Cardano/ U.S. Dollar (ADAUSD) Trading Strategy
With the corrective movement in Wave (II) nearing its end, ADAUSD is expected to rise again in Wave (III). Traders should consider entering the uptrend during a short-term pullback.
Cardano/ U.S. Dollar (ADAUSD) Technical Indicators
- The price is above the MA200, suggesting an ongoing uptrend.
- The Wave Oscillator shows signs of bullish momentum.
Technical Analyst: Kittiampon Somboonsod
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