Cardano (ADA) is currently in a WXY (double zig-zag) in primary 2 which looks to take the price down to dangerous lows. The WXY is comprised of a zig-zag, expanded flat, and a zig-zag. The 1.618 extension of W gives us a price target of 0.02036 while the trend-based fibonnaci extension of AB in Y gives us price targets of 61.8 at 0.68USD 100.00 at 0.33USD, and 123.6 at 0.11USD.
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Update to the correction in minute ((iv)) which appears to be a WXY. Trading sideways for 93 days is classic fourth wave behavior.
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Expecting a big drop in ADA price to either .21 cents or .03 - .04 cents depending on whether or not wave (iii) extends.
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Price action clipping along as expected. ADA appears to be in a third wave extension in micro 4 of subminuette 5.
Updated price target to 0.24.
Updated price target to 0.24.
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Updated count, ADA appears to be in v of (iii) of ((v)). There is a clear descending triangle in wave iv of (iii).
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Revised count for the previous comment. It appears that ADAUSD is making an expanded flat (sideways correction) in (ii) and we are in the second wave of the c leg.
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The previous count showing a sideways ABC in (ii) has been invalidated. I've revised the count as follows:
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(iv) nearing completion. Updated price target for wave (v) from 0.24 to 0.16
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The ABC in (Y) count has been invalidated. I've switched the count for the (Y) leg from an ABC to a WXY.
Counting from minor X - What I initially thought was a five wave move in an ((a)) became invalid when wave (iv) entered into wave ((i)).
This forced me to reevaluate the structure. It didn't look like an ending diagonal. Therefore it is most likely a three wave correction.
Here you can see a perfect zig-zag. The (b) wave retraces 38.2% of the (a) wave and the (c) wave extends past the 61.8% of the A wave. Therefore this is a 3-3-3 structure or WXY.
In the Y leg we're looking for ANY (zig-zag, triangle, or flat.) complex correction to develop.
Counting from minor X - What I initially thought was a five wave move in an ((a)) became invalid when wave (iv) entered into wave ((i)).
This forced me to reevaluate the structure. It didn't look like an ending diagonal. Therefore it is most likely a three wave correction.
Here you can see a perfect zig-zag. The (b) wave retraces 38.2% of the (a) wave and the (c) wave extends past the 61.8% of the A wave. Therefore this is a 3-3-3 structure or WXY.
In the Y leg we're looking for ANY (zig-zag, triangle, or flat.) complex correction to develop.
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ADAUSD count update. Simple Zig-zag in primary 2. Price targets are still the same 0.4-0.14 cents.
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Count update 6/15/2024
ADAUSD has completed an expanded flat correction in ((B)) and is in wave (1) of ((C)).
ADAUSD has completed an expanded flat correction in ((B)) and is in wave (1) of ((C)).
The 123.6 - 161.8 of wave (iv) gives a target range of 0.33242 - 0.38542 while the 1.618 of the net of (i) - (iii) gives a target of 0.39187.