From an Elliott Wave perspective, ADA/USD looks like it finished 5 waves up (intermediate cycle) and started with its intermediate corrective cycle.
Additionally, the price is currently trading in an ABCDE triangular formation which is considered a continuation pattern for more downside, but wave (e) is still missing so we may see a small move upside for wave (e) before breaking out to the downside.
My first target for wave C will be the previous wave (IV) which is also the 100% Fibonacci Extension at 1.89000. If the price manages to break below the previous wave 4, we may see a change in trend for more downside towards the 161.8% Fibonacci Extension 1.39000.
Additionally, the price is currently trading in an ABCDE triangular formation which is considered a continuation pattern for more downside, but wave (e) is still missing so we may see a small move upside for wave (e) before breaking out to the downside.
My first target for wave C will be the previous wave (IV) which is also the 100% Fibonacci Extension at 1.89000. If the price manages to break below the previous wave 4, we may see a change in trend for more downside towards the 161.8% Fibonacci Extension 1.39000.