Dogecoin likely entering final wave 5 push of this recent cycle
Updated
I outlined the higher degree wave cycle with the thicker blue numbered line in the left-hand chart, and zoomed in on the section around what I believe to be wave 3-4-5. Wave 1 is abnormally strong, and I've spent some time wondering if I have mislabeled it. However, all the fib ratios check out, and I don't seem to have violated any Elliot wave rules.
Either way from about 10pm last night up to 7pm today, an inner impulse wave pushed Doge to a new ATH, and bullish diverged from the previous correction. This inner wave peaked at the 1.336 fib ratio taken to be the inverse of the higher degree wave 4 correction, and itself appears to be on the wave 4 correction. We could see one more move up towards the 1.6 fib range at .80c, but beyond that I'm not sure.
If this is the final wave push, there should be a correction larger than the most recent .7 to .5. This wave does offer a decent trading possibility, but timing wave 5s can be tricky.
Either way from about 10pm last night up to 7pm today, an inner impulse wave pushed Doge to a new ATH, and bullish diverged from the previous correction. This inner wave peaked at the 1.336 fib ratio taken to be the inverse of the higher degree wave 4 correction, and itself appears to be on the wave 4 correction. We could see one more move up towards the 1.6 fib range at .80c, but beyond that I'm not sure.
If this is the final wave push, there should be a correction larger than the most recent .7 to .5. This wave does offer a decent trading possibility, but timing wave 5s can be tricky.
Note
Here is a closer look inside the lesser degree waves from the righthand chart and an estimation for the start of wave 5:Note
Note
Note
After watching the price action a little more, I think the wave 5 move is actually already played out at the 1.2 fib target. I exited the trade at break even, and wont be re-entering until things settle from SNL. Holding Doge at this point could be very risky.
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.