Cardano has reached a potential macro top at an all time high of $2.47 however more downside is expected, with a clear valid wave count which accounts for more downside, recent gains in previous days along with btc bouncing seem to be corrective price action against the bearish momentum which seems to be resuming. A likely 5 wave C wave is expect to the downside towards fib extension levels; likely fib extension supports will be ~0.786 & ~1:1 fib extension at $1.12 and $0.98 respectively. Since hitting a top at $1.8261 we have began coming down impulsively in the short term price action; in confluence with BTC coming down and resuming bearish momentum we can expect Cardano to reach downside targets. A stop above $1.83 is valid targeting aforementioned levels.
I arrived at the same conclusion as you that the move from May 23rd to May 26th is a 5-3-5 zig-zag. I'm seeing a huge drop too. I'm not 100% sure about the downtrend count but thanks for the sharing.
NICKVASS10
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@quantmaven, yeah seems like a clinical zig zag there which gives us the expectation of lower prices and some impulsive lower time frame action from that high, similar count in a few alts and also expecting btc 5th wave down gives me the expectation to see lower prices in ADA as well as the market as a whole.