ADA/USDT - super nasty ABC exp. flat correction in progress ?

BINANCE:ADAUSDT   Cardano / TetherUS
When price is going impulsively down, making new low, then bouncing and then going immediatelly impulsively up, in most cases it´s not the beginning of uptrend, but we are dealing with expanded flat correction . What are the criteria for such a correction ? Well, since Cardano has been in downtrend for 2 years, the criteria for this correction in case of cardano are :
1) 3 wave move to the upside (the blue ABC cycle on the chart)
2) 3 wave move to the downside, BREAKING previous low ( ABC wave cycle in that orange box )
3) 5 wave move to the upside, breaking previous high and hitting 1.618 of fib. extension of wave A (purple zone on the chart)

So far, everything really fits for that correction and if we see 5 wave rejection from that purple box, then Cardano will be heading below 0,18 USDT. So probably super SHORT opportunity coming.
Comment: Despite we have nice rejection from the purple zone, it doesn´t look like 5 wave impulse rejection, so uptrend on ADA will very likely continue.
Trade active: Well, ADA continued in ABC moves to the downside and it really looks like falling wedge, BUT in Eliott wave perspective it´s called leading diagonal, made of 5 subwaves, each one must be ABC. So acutally now there is potential, that ADA set the ultimate top before big sell off, but it´s hard to tell it right now, we should be testing that lower trendline of the channel and if we get impulsively down, then retest it and create big 5 wave cycle to the downside, then ADA is finished. I am currently in SHORT. If I see strong bounce from the channel, I will exit my short.
Trade active: As I predicted, we pretty much hit that lower trendline of the channel and I think the correction is now finished. I am currently out of short and I opened LONG. So it looks like, that scenario with that ABC flat and going to new low from now is out of table.


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out