Cardano has been expected to do well this crypto cycle, but even the one dollar mark has been elusive despite a strong bitcoin market as the driver for all of the crypto space. However, its chart exhibits a very nice Elliott wave structure resulting in a clear five-wave ascend into the 80 to 90 cent range. Along with bitcoin’s correction, ADA experienced a sharp pullback in mid-April, that closed and corrected the first full wave sequence of 2024, presented in this chart.
Comment
⋅
Having such a major wave finally completed, including its second wave correction, we can use the three-point Fibonacci extension technique to project immediate targets for wave three, based on standard Elliott wave principles and statistical norms, for a third wave’s typical size is very often 1.618 times the size of wave one. This projection can be seen in the chart, if one adjusts the price scale a little bit, and/or pulls the chart down. The 100 % extension comes in at 98 cents, the 141.4 % level at $1.22 and the 161.8 % extension at $1.33. Of course, with a strong bull market, the third wave can run much longer. More clues will emerge once new subwaves one and two have formed.
thanks @unbeldi . it starts to become a difficult count from the bottom of wave ((2)). from bottom its not 5 waves up, more ABC up to 0.52$ unless that small bump on 21 April is counted as a 3rd wave.
the only count I can make that makes sense is this one you have something better?
unbeldi
⋅
@eenmakkie, nothing right now. I want to see that sideways action develop more. You’re right it is a three after the very low. So another X makes sense. Just have to wait more, I think.
it starts to become a difficult count from the bottom of wave ((2)).
from bottom its not 5 waves up, more ABC up to 0.52$
unless that small bump on 21 April is counted as a 3rd wave.
the only count I can make that makes sense is this one
you have something better?