### ADAUSD SHORT
Looking at the ADAUSD 15-minute chart, I'm seeing a potential short setup. The Elliott Wave analysis suggests that wave (5) has completed its upward movement, and the price is now starting a corrective wave sequence. The current move appears to be part of wave (a) in the corrective phase, which is followed by wave (b) and then a deeper wave (c) downwards.
The Fibonacci extension levels indicate potential targets for wave (c) at 0.359 (1.0 extension) and 0.353 (1.618 extension). These levels are critical as they often act as strong support zones during corrective phases.
Considering these factors, I'm preparing for a short position, aiming for these Fibonacci levels as profit targets. This setup assumes that the current resistance around wave (b) holds and the corrective phase continues its downward trajectory. I'll be closely monitoring price action for any signs of reversal or continuation to adjust my strategy accordingly.
Looking at the ADAUSD 15-minute chart, I'm seeing a potential short setup. The Elliott Wave analysis suggests that wave (5) has completed its upward movement, and the price is now starting a corrective wave sequence. The current move appears to be part of wave (a) in the corrective phase, which is followed by wave (b) and then a deeper wave (c) downwards.
The Fibonacci extension levels indicate potential targets for wave (c) at 0.359 (1.0 extension) and 0.353 (1.618 extension). These levels are critical as they often act as strong support zones during corrective phases.
Considering these factors, I'm preparing for a short position, aiming for these Fibonacci levels as profit targets. This setup assumes that the current resistance around wave (b) holds and the corrective phase continues its downward trajectory. I'll be closely monitoring price action for any signs of reversal or continuation to adjust my strategy accordingly.
Trade closed manually
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.