USO: Island Hopping 🏝 Summer is approaching slowly but surely, and some might start to arrange their next holiday. Meanwhile, USO is already heading south and has a bit of island hopping planned. The first stop should be in the green zone between $68.62 and $66.43, where USO should finish wave 3 in green – and maybe drink a cocktail or two. Then, it should draw some breath in a short countermovement to complete wave 4 in green. Afterwards, the next green island between $62.86 and $60.67 is waiting, where USO should conclude wave 5 in green, wave c in orange and wave in magenta. Following another countermovement in wave in magenta, USO should finally reach the warm beach strip between $60.18 and $43.48 to finish wave in magenta and wave (2) in yellow and to catch some rays.
Waveanalyses
Nasdaq: Recharging the Battery The massive increases in the past few weeks called for a short breather, and that’s why Nasdaq is taking a few days off to recharge its battery. For this purpose, it has been chilling in the green, which here is the green zone between 14579 and 14366 points. Currently, it seems like the Nasdaq is not quite sure about how long the short break should last but we are expecting that the index should complete its wave in turquoise and wave 4 in green in this area soon. Next, the Nasdaq should continue the overarching upward movement. The next step is to reach the resistance at 15269 points, which the index should pass by on its way to new all-time highs.
Cardano: Eager Beaver 🦫🦫Cardano is an eager beaver and reaches for the resistance at $1.63781. There is a 35% chance that it could climb above it already and continue the ascent to the next resistance at $2.4574. However, we rather expect Cardano to dive into the green zone between $0.93552 and $0.27674 once more to finish wave 2 in green, wave C in yellow, wave C in turquoise and wave v in magenta before moving upwards again.
Ripple: Trellis🌿As springtime has already begun, many people start preparing their gardens and balconies for the new season. We, too, have put a trellis in place, which our Ripple-vine can use to thrive and prosper. Accordingly, it should soon climb above the resistance at $1.01642, aiming for new highs above the next mark at $1.41608. However, if Ripple falls below the support at $0.6229, this could increase the probability of our alternative scenario. So far, there is a 40% chance that Ripple could drop below $0.50959 and further below $0.34007 from there.