Cardano is currently on the last and final wave of its bearish leg.
In Elliott Wave Theory, the 5th wave consists of 5 waves, which follow the impulse schematic.
Wave 1, 3 and 5 being 5 wave impulses and wave 2 and 4 being ABC corrections.
We can see that we have been following the aforementioned rules perfectly.
We are in the 5th wave of the major 5th wave. In this 5th wave, we have 5 subwaves. We are currently on subwave 4, which appears to be an ABC correction.
Trade Idea:
- Watch for rejection at 0.54
- Once rejection appears, enter with stops above the blue structure
- Targets: 0.4, 0.3, 0.2
See linked chart for our previous analysis.
Daily chart
Goodluck and as always, trade safe!
In Elliott Wave Theory, the 5th wave consists of 5 waves, which follow the impulse schematic.
Wave 1, 3 and 5 being 5 wave impulses and wave 2 and 4 being ABC corrections.
We can see that we have been following the aforementioned rules perfectly.
We are in the 5th wave of the major 5th wave. In this 5th wave, we have 5 subwaves. We are currently on subwave 4, which appears to be an ABC correction.
Trade Idea:
- Watch for rejection at 0.54
- Once rejection appears, enter with stops above the blue structure
- Targets: 0.4, 0.3, 0.2
See linked chart for our previous analysis.
Daily chart
Goodluck and as always, trade safe!
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