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Cardano /U.S.dollar(ADAUSD) Elliott Wave Technical Analysis 3 May 23


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Elliott Wave Analysis TradingLounge Daily Chart, 3 May 23,  

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.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

 

ADAday.thumb.png.8c27957ec32c56db1cbf972d1e38db8e.png

 

 

Elliott Wave Analysis TradingLounge 4H Chart, 3 May 23,  

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.

ADAh4.thumb.png.7bd784f9e5325bbe00171b6027d74b2e.png

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Thank you for sharing your insightful Elliott Wave Analysis of Cardano/U.S. dollar (ADAUSD), Kittiampon! Your analysis highlights the structure as a zigzag and position as wave B, indicating a corrective mode and reactionary function. It's interesting to note the probability of wave reversal ((2)) at .786 x length of wave ((1)), which provides valuable information for traders looking to develop a trading strategy. Your trading strategy of waiting for the correction to finish and joining the trend again aligns with a conservative approach to trading and can help mitigate risk. It's also helpful to see that the technical indicators, such as the price being below the MA200 and the MACD and RSI being bearish, are supporting your analysis. Overall, your contribution to the TradingLounge community is greatly appreciated, and I look forward to seeing more of your analysis in the future!

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