ADAUSDT Short Idea / Elliot Wave Principles / Fib Analysis
When analysing the market, I noticed this potential Elliot Wave setup on ADAUSDT. For a number of reasons, I suspect that this pairing is forming a good opportunity to achieve a ~5.5 R:R short.
The process taken to get to this idea is as follows:
[Weekly] Macro view of the support / resistance flip zone on ADA between $1.20 and $1.30.
[4H] Clean chart showing the interaction with the support / resistance zone.
[1H] Validation of Wave 1 Rules
[1H] Validation of Wave 1/2/3 Rules
[1H] Validation of Wave 4 Rules
[1H] Validation of Wave 5 Rules
Correction Wave and Short Area of Interest
The process taken to get to this idea is as follows:
[Weekly] Macro view of the support / resistance flip zone on ADA between $1.20 and $1.30.
[4H] Clean chart showing the interaction with the support / resistance zone.
[1H] Validation of Wave 1 Rules
[1H] Validation of Wave 1/2/3 Rules
[1H] Validation of Wave 4 Rules
[1H] Validation of Wave 5 Rules
Correction Wave and Short Area of Interest
Transaction en cours
Trading is active, price has bounced off the top of the 0.382 Fib level on the A Wave Correction fib and is currently re-testing this level. It this level fails to hold, we will see price drop again to the $1 level and then potentially onward to our target.
On the macro outlook, BTC is currently pushing towards another ATH re-test. It is currently forming a rising wedge pattern on the lower timeframes, with this price action occurring over the weekend with lower volumes. A Monday bearish correction could be on the cards for BTC, which will assist our trade on ADA.
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