ADA: Bearish idea
ADA is not putting in the impulse moves that it needs to get out of the $0.24 - $0.4 range. It is looking more likely that price will retest the bottom of this range, and maybe breach it a little to reset the rout. There are many good things happening to the chain but price is not reflecting it.
The black count reflects the bearish idea. In this count we assume primary wave 2 is not yet complete and the 5 waves move up was the C of X. The price action right now should be one last leg down to complete wave 5 of C of Y. Price can go down back to $0.2 - $0.18 to test back 2021 consolidation structure. For me, this will be a major buy area if this plays out.
The black count reflects the bearish idea. In this count we assume primary wave 2 is not yet complete and the 5 waves move up was the C of X. The price action right now should be one last leg down to complete wave 5 of C of Y. Price can go down back to $0.2 - $0.18 to test back 2021 consolidation structure. For me, this will be a major buy area if this plays out.
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