ADA Technical Analysis, Elliot Wave Count and Prediction
Disclaimer! This is my first formal Elliot Wave count so do your own count! Please discuss/comment/link me your alternative interpretations :D
Moving along swiftly...
I believe we have just completed a very extended wave 3 and are now consolidating in wave 4. Retracement to the .382 Fib level seems very probable based on candle analysis, but a 0.5 retracement to around 3000 sat level is also possible to a lesser extent. Expecting good support around these levels and will be buying accordingly. With Goguen Testnet Launch and imminent roadmap update (See Cardano roadmap) the above appears to be a likely scenario producing a 5th wave which could extend to 0.618 (or beyond). I chose .618 as my first target because it coincides with previous support turned resistance (red horizontal line). P&L looks pretty good too.
Let me know what you think, any feedback or alternative opinions much appreciated.
C
Moving along swiftly...
I believe we have just completed a very extended wave 3 and are now consolidating in wave 4. Retracement to the .382 Fib level seems very probable based on candle analysis, but a 0.5 retracement to around 3000 sat level is also possible to a lesser extent. Expecting good support around these levels and will be buying accordingly. With Goguen Testnet Launch and imminent roadmap update (See Cardano roadmap) the above appears to be a likely scenario producing a 5th wave which could extend to 0.618 (or beyond). I chose .618 as my first target because it coincides with previous support turned resistance (red horizontal line). P&L looks pretty good too.
Let me know what you think, any feedback or alternative opinions much appreciated.
C