Hi guys, i decided to attempt an in-depth correction analysis for Cardano. Please note this wave count may be entirely false, as extended corrections such as these can be complex to track but i will give you what I believe is plausible to probable count.
Moving on with the analysis Cardano has been consolidating in this bearish descending triangle for a while now after a what is likely an expanded flat ABC correction so the overall corrective structure is currently a double three according to my count. The descending triangle leads me to believe the correction is still not over funnily enough this formation closely resembles btc. I've labelled within the triangle the ABCDE pattern in a bearish configuration with nearly textbook zigzag patterns. This means that we can expect one more weak push to test the resistance formed by the triangle before it breaks down with the first a support at the 0.618 which i think is a solid retrace. This all depends on btc however but it has formed nearly the exact same pattern as Cardano so i expect one to follow the other.
Any thoughts and critiques are welcomed.
* This is not financial advice*
Moving on with the analysis Cardano has been consolidating in this bearish descending triangle for a while now after a what is likely an expanded flat ABC correction so the overall corrective structure is currently a double three according to my count. The descending triangle leads me to believe the correction is still not over funnily enough this formation closely resembles btc. I've labelled within the triangle the ABCDE pattern in a bearish configuration with nearly textbook zigzag patterns. This means that we can expect one more weak push to test the resistance formed by the triangle before it breaks down with the first a support at the 0.618 which i think is a solid retrace. This all depends on btc however but it has formed nearly the exact same pattern as Cardano so i expect one to follow the other.
Any thoughts and critiques are welcomed.
* This is not financial advice*
