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Cardano /U.S.dollar(ADAUSD) ADAUSD Elliott Wave Technical Analysis 13 February 23


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Elliott Wave Analysis TradingLounge Daily Chart, 13 February 23,  
Cardano /U.S.dollar(ADAUSD)
ADAUSD Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Zigzag
Position: Wave (C)
Direction Next higher Degrees: wave ((2)) of Motive
Wave Cancel invalid level: 0.2390
Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1)) at 0.310

Cardano /U.S.dollar(ADAUSD)Trading Strategy: Cardano is likely to reverse in Wave II after price fails to cross the MA200, which is a key resistance. Wave retracement ((2)) is usually .50 or .618 x wavelength ((1)) at 0.3058 at completion. The price will return to the main trend in wave III, waiting for wave II to complete.

Cardano /U.S.dollar(ADAUSD) Technical Indicators: The price is below the MA200 indicating a  Down Trend. The wave oscillators Below Zero-Line momentum are bearish.

TradingLounge Analyst: Kittiampon Somboonsod


Elliott Wave Analysis TradingLounge 4H Chart, 13 February 23,  
Cardano /U.S.dollar(ADAUSD)
ADAUSD Elliott Wave Technical Analysis 
Function: Counter trend
Mode: Corrective
Structure: Zigzag
Position: Wave (C)
Direction Next higher Degrees: wave ((2)) of Motive
Wave Cancel invalid level: 0.2390
Details: in Zigzag, wave C equals 1 or 1.618 multiplied by the length of wave A.

Cardano /U.S.dollar(ADAUSD)  Trading Strategy: Cardano is likely to retrace in Wave II after the price fails to be above the MA200, which is a key Support. The retracement of wave ((2)) is usually .50 or .618 x wavelength ((1)) at 0.3058. Upon completion, the price resumes its main trend in wave III, waiting for wave II to complete.

Cardano /U.S.dollar(ADAUSD)  Technical Indicators:  The price is below the MA200 indicating a  Down Trend. The wave oscillators Below Zero-Line momentum are bearish.

341954058_ADAh4.thumb.png.509605ce5dce975422791812c5b3c05e.png

ADA day.png

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    • Coffee Elliott Wave Analysis Function - Counter-Trend Mode - Correction Structure - Double Zigzag for blue Y Position - Wave C of (B) Direction - Wave C of (B) is still in progress Details - We recounted Coffee on all time frames. However, we expect the commodity to ascend after completing the zigzag wave (B) around the Fibonacci reversal zone of 212.9-203.9. Invalidation level is at 192.30. Coffee Elliott Wave Analysis Overview: In the long term, Coffee prices have been on a bullish run since October 2023. Despite several pullbacks, each previous top has been consistently breached. The last top was made in April 2024 at 245.5, followed by a decline to 192.3 within three weeks, extending to May 7th. Notable recoveries started from there. However, prices have yet to breach 245.5 to confirm the continuation of the bullish sequence from October 2023.   Daily Chart Analysis: Since January 2023, a double zigzag structure has been unfolding. Wave W (circled) finished on April 18th at 245.5, and the corresponding wave X (circled) was completed at 192.3 on May 7th, where wave Y (circled) began. Wave (A) of Y appears to have concluded with the impulse surge to the current peak in June 2024. Prices are now correcting into wave (B). If wave (B) completes above 192.3, buyers should gain the advantage to push prices higher, especially above the 245.5 top.   H4 Chart Analysis: On the H4 chart, wave (B) is subdividing into a zigzag structure, potentially completing around the 212.9-203.9 Fibonacci zone before turning upside in wave (C) above 245.5. Alternatively, prices might move sideways between the 245.5 and 192.3 extremes, suggesting a triangle structure for wave X (circled).   Summary: In conclusion, Coffee prices remain bullish with potential for further gains, contingent on the completion of the current corrective wave (B). Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!  
    • I have not tried AI for analysis; it is exciting to me, but unclear. It would be interesting to see some kind of training video with an example of use.
    • Thank you for the in-depth and detailed analysis with the graph.
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