Its a Logarithmic chart. ADA is about to complete its Motive Wave (Intermediate) with wave 5 in progress now. Wave 2 retraced .618 on fibbs which is a very usual case. And wave 4 correction was not that deep ignoring that death wick which retraced .38 on fibbs with complex personality. For wave 5 projection i have used fibb extension and set to targets with target 1 at .618 and target 2 at 1.0.
At the peak of wave 1 RSI was around 83 and the correction wave 2 commenced. RSI is still in overbought territory and last time it hit 95 at the peak of wave 3 which is considered strongest and longest.
On balance volume is not showing any sign of weakness.
During wave 3 9ema has shown good support.
Thanks for reading.
Appreciate comments and suggestions.
At the peak of wave 1 RSI was around 83 and the correction wave 2 commenced. RSI is still in overbought territory and last time it hit 95 at the peak of wave 3 which is considered strongest and longest.
On balance volume is not showing any sign of weakness.
During wave 3 9ema has shown good support.
Thanks for reading.
Appreciate comments and suggestions.
