Lets analyse Doge on 1D timeframe since Feb 2024.
Wave 1 - It reached a high of 0.23 from a bottom price range of 0.084.
Wave 2 - Corrective wave take the prices back to 0.08 in Aug - Sep 24.
Wave 3 - As per theory should be the strongest and it proved to be one, taking the price to 4 year high of 0.4843.
Till now everything was fine and the next corrective Wave 4 started which as per classical Elliott Wave theory, should never enter the price territory of Wave 1.
Wave 1 high was 0.2288 however if we see the current price 0.168 (Wave 4), it already has invalidated the previous wave.
So now if we re-evaluate -
The run from 0.084 to 0.4843 was a Zigzag A-B-C Pattern with A marking as 0.2288, B as 0.08 and C = 0.4843. So seems we are in a complex correction phase and can see prices move down to previous lows or even lower.
So for now be patient and watch the prices between $0.168–0.182, if it reclaims $0.228–0.245, then we can consider entering a Long.
A breakdown below 0.154 can cause a lot of trouble for Bulls.
Trade Safely!
Thanks!
Wave 1 - It reached a high of 0.23 from a bottom price range of 0.084.
Wave 2 - Corrective wave take the prices back to 0.08 in Aug - Sep 24.
Wave 3 - As per theory should be the strongest and it proved to be one, taking the price to 4 year high of 0.4843.
Till now everything was fine and the next corrective Wave 4 started which as per classical Elliott Wave theory, should never enter the price territory of Wave 1.
Wave 1 high was 0.2288 however if we see the current price 0.168 (Wave 4), it already has invalidated the previous wave.
So now if we re-evaluate -
The run from 0.084 to 0.4843 was a Zigzag A-B-C Pattern with A marking as 0.2288, B as 0.08 and C = 0.4843. So seems we are in a complex correction phase and can see prices move down to previous lows or even lower.
So for now be patient and watch the prices between $0.168–0.182, if it reclaims $0.228–0.245, then we can consider entering a Long.
A breakdown below 0.154 can cause a lot of trouble for Bulls.
Trade Safely!
Thanks!
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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.
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.