Wave C of the zigzag of wave Y in progress ?
Updated
We recently saw a spike in ADAUSD prices which happens to be the final leg of wave B of the zigzag. It seems like we have now started moving down in an impulsive manner (5 steps down 3 up). It seems like we are now in wave C of wave Y of the overall wave 4 correction in ADA.
If this plays out as outlined, we may see prices hit at or below the end of Wave A (1.03). After which we can potentially see a reversal in the trend and start of wave 5 of the higher degree trend.
Given below is the 5M chart that shows the most recent impulsive move downward that may potentially be the beginning of wave C of the zigzag with potential targets anywhere between 1.03 and 0.90
However, The wave C may take form of a diagonal OR an impulse both will have different targets. It is entirely possible that the wave C be truncated to 61.8% of wave A as well. In case wave C is truncated , it most likely will lead to a contracting symmetrical triangle formation in the overall wave 4 correction of higher degree.
Also for the higher level view, below is the 6H chart that shows the overall complex (Triple three) wave 4 correction. It shows how we are in the last leg Y of the triple three correction with potential target as the 38.2% retracement of wave 3.
Caution, the end of wave Y does not guarantee the start of wave 5 , although it is highly likely. However, EWT still allows the possibility of a Triple Three structure to form if the overall market takes longer to recover (especially BTC). That would essentially mean that we can see another wave up or near 1.50 and then a final retracement down to $1 area.
This is NOT financial advice. Please DYOR before making financial decisions.
If this plays out as outlined, we may see prices hit at or below the end of Wave A (1.03). After which we can potentially see a reversal in the trend and start of wave 5 of the higher degree trend.
Given below is the 5M chart that shows the most recent impulsive move downward that may potentially be the beginning of wave C of the zigzag with potential targets anywhere between 1.03 and 0.90
However, The wave C may take form of a diagonal OR an impulse both will have different targets. It is entirely possible that the wave C be truncated to 61.8% of wave A as well. In case wave C is truncated , it most likely will lead to a contracting symmetrical triangle formation in the overall wave 4 correction of higher degree.
Also for the higher level view, below is the 6H chart that shows the overall complex (Triple three) wave 4 correction. It shows how we are in the last leg Y of the triple three correction with potential target as the 38.2% retracement of wave 3.
Caution, the end of wave Y does not guarantee the start of wave 5 , although it is highly likely. However, EWT still allows the possibility of a Triple Three structure to form if the overall market takes longer to recover (especially BTC). That would essentially mean that we can see another wave up or near 1.50 and then a final retracement down to $1 area.
This is NOT financial advice. Please DYOR before making financial decisions.
Note
From most recent market move, it seems like the wave 2 correction shown in 5M chart above has not yet finished.Price will most likely retrace back to around 1.30 or more.
However, if price goes above recent high (1.34) then this idea is INVALIDATED.
Disclaimer
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