Cardano (ADA): Very Three Wavish

SUMMARY

Cardano is number 6 in market cap according to Coinmarketcap.com and in every which way, it's counting as a three wave bounce. The below chart shows the corrective waves with the red abc showing primary pathway and the blue abc as the alternate and that would call for a one more lower low potential. That means price needs to resolve the direction and most likely it'll follow Bitcoin.

Closeup shows that the bounce has ben an abc, difficult to count into a five impulse (purple). The subsequent red abc seems likely given that an impulse up has been difficult to locate. The white Elliott Waves show the pathway to a proable lower low. Could an Altcoin generate a lower low while Bitcoin rises? Yes, I've seen this during the July and Sept corrections of 2017.

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 shoud 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.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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