Technical analysis by dukeposh about Symbol ADA: Buy recommendation (5/12/2024)

A potential ABC correction - cup with bull flag / flat handle ABC formation which currently retraced 61.8% of the A/1 wave with a possible a.4-a.5 stop hunt ending diagonal for a second false breakdown.Entry Position: Once price successfully recovered from the false breakdown support zone which could be a few attempts since wave 4 often a complex triangle.Indicator support: RSI bullish divergence in TFD confirmation of the a.5 wave.Target Position: TP1 @ 161.8% and TP2 @ 200% Fibonacci extension +200%!Invalidation: Below the lowest price position.Always trade with affordable risk and respect your stop,Good LuckThe price hit the 1st target fibonacci 161.8% @ $1.015 (+150+%), the previous liquidity zone wave a.5 stop hunt gone below the key support $0.4+ as far as $0.33 before rebounded.