Cardano/ U.S. dollar(ADAUSD) Elliott Wave Technical Analysis 7 November 23

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Elliott Wave Analysis TradingLounge Daily Chart,  7 November 23, 
Cardano/ U.S. dollar(ADAUSD)
ADAUSD Elliott Wave Technical Analysis 
Function: Counter Trend
Mode: Corrective
Structure: Triangle
Position: Wave C
Direction Next higher Degrees: wave (b) of Zigzag
Wave Cancel invalid level: 
Details:The Moves within Triangle pattern.

Cardano/ U.S. dollar(ADAUSD)Trading Strategy: ADA recovered well from the 0.239 level, but there is no evidence of an end to the downtrend yet. The overall picture is a movement within the Triangle pattern. Currently, wave C of the triangle is developing in a Double Zigzag pattern and wave ((Y)) is equal to wave ((W)) at the level of 0.397.

Cardano/ U.S. dollar(ADAUSD)Technical Indicators: The price is above the MA200 indicating an uptrend,  RSI is a Bullish  Momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA





Elliott Wave Analysis TradingLounge 4H Chart, 7 November 23,  
Cardano/ U.S. dollar(ADAUSD)
ADAUSD Elliott Wave Technical Analysis 
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave Y
Direction Next higher Degrees: wave C of triangle
Wave Cancel invalid level: 
Details: Wave ((Y)) equal to Wave ((W)) at 0.397

Cardano/ U.S. dollar(ADAUSD)Trading Strategy: ADA recovered well from the 0.239 level, but there is no evidence of an end to the downtrend yet. The overall picture is a movement within the Triangle pattern. Currently, wave C of the triangle is developing in a Double Zigzag pattern and wave ((Y)) is equal to wave ((W)) at the level of 0.397.

Cardano/ U.S. dollar(ADAUSD)Technical Indicators: The price is above the MA200 indicating an uptrend,  RSI is a Bullish  Momentum.