CARDANO Analysis 09/05/2021 Next target $2.50

Cardano continues to show extreme strength after such massive gains in the last 6 month period since CYCLE WAVE II bottom in September 2020, where we began a strong uptrend in a Minor 3rd Wave which has the extended sub wave characteristic; which always gives the potential to become more and more extended or parabolic in nature which seems to be the case in this 5th wave where we can target a high likely hood area of $2.50; a place of strong confluence (~1.618 CYCLE WAVE I, 1.618 Miniscule wave 0-3 extension and also Modified Pitchfork Upper Warning Line that will act as strong resistance). Price will often be drawn to such confluence, current strength and breakout to higher prices is a likely outcome of the strong sideways consolidation of the Minor 4th Wave retracement where price after climbing so parabolically only retraced very insignificantly inherently showing the underlying strength of buyers and demand for such asset. If we zoom in on the Minor 5th wave we can see we have already completed 3 waves; however, we seem to be moving into an extended 5th wave which can lead to gains towards our target. The potential to go to the $3-4 region is present; however, precaution and risk management is always first priority.


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