Cardano (ADA): Hunting for Bottoms!

SUMMARY

A correction bottom is not an event but a process. One can not say look here's a bottom or look there, I see a bottom. The process of bottoming for Altcoins is always extended, long and slow. To that end, take Cardano. Eventhough it broke out of the downward wedge, a lower low has been put in. This has been seen before and might become more common place. That, however, doesn't mean that the correction will never finish. The below chart shows the wxyxz waves which allows price to go sideways and meander along a horizontal direction.

The bigger view of the correction could more likely be a larger rounded price formation (blue line). This means that price is currently in the basin phase and once it exits; the white wave impulse waves should take price to higher highs into July or so. Following the completion of the right wall, another 50% correction is likely and this would probably form the handle of a Cup & Handle move.

The contours of price and MACD from late December to current confirm the projections for the rounded bottom formation and approximate timeline is extrapolated using symmetry.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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Elliott Wave Counting Tutorial #1
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Tutorial on the use of Fibonacci & Elliott Waves
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Essay: Is Technical Analysis a Quantum Event?

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