ADAUSD Bullish Bias 61.8% ABC Correction Potential 3 Wave Begins

ADAUSD
Ok, So I've made a few attempts at making a video fro this chart, but, each time the video does not render, leaving me with wasted time and effort, disabling any ability to upload the analysis in video format....

On September 7 I published a chart with my thoughts that ADA needed to correct further to the 61.8% Fibonacci Retracement of the March-July Rally. We got just that, with what I believe to be the completion of an ABC Correction as indicated, in a clear 5 wave completion for "C" wave. The result was a quick re-establishing of the March/April Trendline.

I am considering the March-July Rally as 1st Wave of an impulse move higher. The 61.8%($0.076) Retracement is the 2nd Wave; Now we look for 3rd Wave....Potentially The Most Powerful(Actually the 3-of-the-3rd)!
The quick touch and go from the 61.8% Fib., and the trendline re-established as support indicates bullish properties. Also, I have drawn a falling wedge that ADA has broken above, and back into Bullish formation.

The coming days/weeks I can foresee choppy to slightly upwards drift back to the 38.2% Fib. level. But looking forward, with great expectations of Cardano, a bullish bias is favored!

A standard 161.8% 3rd Wave Extension indicates a Target of $0.3259

Should there be any unforeseen October Surprise event that affects all markets on a broader spectrum, then I will consider the ($0.0501) 0.786 Fib. Retracement of March-July to act as the new floor of support!

Bullish Long Term!

코멘트:

Bullish off Support, 50% Fib. acted as base, and trendline reclaimed on H4!