Elliott Wave Analysis TradingLounge Daily Chart,Cardano/ U.S. dollar(ADAUSD)ADAUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: Double Correctiveposition: Wave YDirection Next higher Degrees: wave (II)Wave Cancel invalid level:Details: The decline of wave Y is likely to end and the price is re-entering the uptrend.Cardano/ U.S. dollar(ADAUSD)Trading Strategy:Cadarno’s outlook looks like the Wave 1 rally is likely to end. The price is entering a correction in Wave 2, likely to test the 61.8%(0.365) level of Wave 1 before rising again in Wave 3, so wait for the correction to complete for an opportunity to join the trend again.Cardano/ U.S. dollar(ADAUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum.  Elliott Wave Analysis TradingLounge H4 Chart,Cardano/ U.S. dollar(ADAUSD)ADAUSD Elliott Wave Technical Analysis Function: Counter TrendMode: CorrectiveStructure: Zigzagposition: Wave BDirection Next higher Degrees: Wave (2) of ImpulseWave Cancel invalid level:Details: Wave (2) is likely to retrace the 61.8% level of wave (1)Cardano/ U.S. dollar(ADAUSD)Trading Strategy:Cadarno’s outlook looks like the Wave 1 rally is likely to end. The price is entering a correction in Wave 2, likely to test the 61.8%(0.365) level of Wave 1 before rising again in Wave 3, so wait for the correction to complete for an opportunity to join the trend again.Cardano/ U.S. dollar(ADAUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum. More By This Author:Elliott Wave Technical Analysis: Swiss Market Index – Wednesday, Aug 14
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