ADAUSDT |Wave Projection|Ending Diagonal Downtrend Target -30%+
Price action and chart pattern trading medium term setup
> A possible sideway downtrend ending diagonal pattern with a falling flag channel 5 wave
> Now, the price reached the T1 target at 1.618 fibo extension of 1-wave downtrend
> The candlestick pattern is consolidating at the lower support level could be 3-wave and getting ready for 4-wave uptrend rebound
> Indicator: RSI already oversold and breakout MA line, expecting an upcoming BULLISH DIVERGENCE for 5-wave downtrend.
> The next target downtrend is at 2.272-2.618 fibo extension zone - a 30%+ further downside
> Recommendation: Close short position once RSI and MACD showing bullish divergence signal.
Always trade with affordable risk and respect your stoploss, nothing is 100%.
> A possible sideway downtrend ending diagonal pattern with a falling flag channel 5 wave
> Now, the price reached the T1 target at 1.618 fibo extension of 1-wave downtrend
> The candlestick pattern is consolidating at the lower support level could be 3-wave and getting ready for 4-wave uptrend rebound
> Indicator: RSI already oversold and breakout MA line, expecting an upcoming BULLISH DIVERGENCE for 5-wave downtrend.
> The next target downtrend is at 2.272-2.618 fibo extension zone - a 30%+ further downside
> Recommendation: Close short position once RSI and MACD showing bullish divergence signal.
Always trade with affordable risk and respect your stoploss, nothing is 100%.
Trade closed: target reached:
Turned out the wave did 5 wave ending diagonal - TP2 position closed on 22nd Dec 2022 now possible long pullback entry with RSI bullish divergence in TF4H.