SUMMARY
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Here is Cardano (ADA/USD) which had raced up the initial impulse (white) in a near vertical trajectory. The correction since then is labeled as a WXYXZ (red) sequence. This is a pattern combination of a downward wedge and a rounded price formation. Both are bullish in pattern. How does the Elliott Waves fit in?
Since the red Z wave bottom, ADA impulsed five waves up (white) and meanwhile patterned out the rounded bottom (blue). Since five waves are complete, there is a requisite correction and the smaller degree of trend wxyxz is like in progress. This sequence is also the handle formation and so we now have a Cup & Handle pattern. Patience and discipline attract profits and not greed or fear. The MACD is also nearing its completion as the apex is becoming more and more proximal to support the blue arrow scenario.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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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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