Photo by Executium on UnsplashElliott Wave Analysis TradingLounge Daily ChartDogecoin/ U.S. dollar(DOGEUSD)Function: Counter trendMode: CorrectiveStructure: Double CorrectivePosition: Wave YDirection Next higher Degrees: wave (II) of ImpulseWave Cancel invalid Level:Details: Wave (II) may not be complete, price is likely to be below 0.076Dogecoin/ U.S. dollar(DOGEUSD)Trading Strategy:
This is a 5-wave retracement of wave (C), where we are in the final stages of wave Y, which is likely to test the 0.076 level. So the overall picture is a short-term retracement before another rally.Dogecoin/ U.S. dollar(DOGEUSD)Technical Indicators:
The price is below the MA200 indicating a Downtrend. The Wave Oscillator is a Bearish Momentum.
Elliott Wave Analysis TradingLounge 4hr ChartDogecoin/ U.S. dollar(DOGEUSD)Function: Counter trendMode: CorrectiveStructure: Double CorrectivePosition: Wave YDirection Next higher Degrees: wave (II) of ImpulseWave Cancel invalid Level:Details: Wave (II) may not be complete, price is likely to be below 0.076Dogecoin/ U.S. dollar(DOGEUSD)Trading Strategy:
This is a 5-wave retracement of wave (C), where we are in the final stages of wave Y, which is likely to test the 0.076 level. So the overall picture is a short-term retracement before another rally.Dogecoin/ U.S. dollar(DOGEUSD)Technical Indicators:
The price is below the MA200 indicating Downtrend. The Wave Oscillator is a Bearish Momentum.
Technical Analyst: Kittiampon SomboonsodSource: Tradinglounge.comMore By This Author:Bullish SP500 Elliott Wave Analysis Ahead Of U.S. CPI And Employment Data
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