ADA 5th Wave ?
Updated
Bounce was correlated with 0.618 fib level from march
We are forming a descending triangle indicated in purple.
A short looks highly likely on a lower time frame with support at same level as bounce around ~0.10240.
Expect lower and lower volatility now as indicated by volume going down and tightening of support and resistance.
The bounce can be a good long position but do set a SL.
This should be set in case rising wedge breaks and that would confirm a bearish scenario for the descending triangle in which case short scalp to support at next golden fib of ~0.09440.
This last bearish scenario has a low probability of happening in my opinion but not excluded. I believe that we still a have a 5th wave up.
Macro fib levels.
This is a continuation of the orignal 4H bearish div but I felt like that position should be closed and I'm currently looking for a new position for the coming week.
Trade active
HF & GL!Note
Bear div 1H
5 wave count
3 wave count retrace to 0.618 0.5 levels
Also a wedge in play
Trade closed: target reached
Retrace now.
Support 1 ~0.10740 between fib levels 0.618 0.5 , volume profile confirms
Support 2 ~0.10230-0.10061 A and C points
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