If you've been in my trading group, or read a previous post you'll know that I don't care too much for 1-5 counts when counting the waves or #ElliottWaves as most know them. In this situation, I'm going to count these bad boys! All 10 and a half of them! I'm not going to the smallest "minuscule" waves, as they're pretty much irrelevant to how I analyze and trade!
Let's go a head and get this done by the BOOK!
funny time is over, let's go!
Impulse wave: 1 Correction wave: 2
This is when I first started tracking #Cardano with my group Trading the Impulse. I'll post the link at the bottom of the page! I looked into their project, checked out the #whitepaper, realized who Charles Hoskinson is, watched a ton of IOHK's whiteboard videos and then planned the attack. I noticed a decent move up which I thought was an Impulse. It was already correcting when I first started tacking it. That's my bread and butter. We were in process of the B wave and I was ready for it to make at minimum one more drop for a C wave before trending again. Typically I'll start the entry at the .618 if what I'm thinking is an impulse, is an impulse. Which it was! (the fibbed portion is the impulse) Check out what happened next!
Impulse wave: 3 Correction wave: 4
BOOM! An impulse happened! These are the moves that I'm rather fancy of. The make the money! This particular move was just shy of gettin' to the 200% fib extension! Not a bad move at all! My whole strategy begins with an impulse. I chose this style because to me it's the least subjective. If I can identify an impulse & correction, eventually I'll be able to trade the next impulse!
Now on to the next correction!
This one started coming down. I had an up and down projection for this at the time. Sometimes it's hard to tell when a impulse will end, this could have just been a small correction like in the next impulse that just kept going. This ended up coming down a bit more to complete the C wave. Let's get a fib on that piece & view what happened!
So we came down to finish the C wave close to the 50% fib and made a small degree impulse up (first white arrow) Making that smaller move up plus the sideways consolidation seemed like a sweet buying signal. I was looking for another impulse!
Impulse wave: 5 of 1
& just like that the buyers outweighed the sellers and the bulls brought it home! This one fell short of the 161% fib extension. After this impulse we started coming down pretty hard. This was a good sign that the first 5 wave impulse is completed. Currently we're moving sideways!
I think we should check this piece out next!
Impulse: A Correction: B
Now I'm confident we're making the larger ABC structure. In corrections A is an Impulse, B is a correction and C is another impulse. The first move down corrected more than 61.8% of the 5 wave bull run and now we're sitting sideways. This to me is looking like a B wave to continue one more down for the C wave before resuming the trend. There's always a chance I'm wrong, so if the correction is over and we start the trend again, I will buy when a buy setup comes along. There's been a few already but per my rules I'm not allowed to buy again yet. (still hodling this from the very first chart I made)
I'm just playing the waiting game at the moment. If I see the C wave start to come I may scale back a little out of the position and wait for my next buy signal. If I start to see the C wave I will make a comment on this post about it!
I wanted to thank everyone that took the time to read this, and if you've been having trouble counting the waves, this might help a bit. If you enjoyed the post leave me some love!
What are your views on Cardano? Technically or fundamentally? I love hearing/seeing others views!
Trading the Impulse: https://www.facebook.com/groups/1895958077333696/
This is not investment advice, just my opinion on the market using wave analysis!
Trade Responsibly,
-Adam Biers