"New ceiling" or "end of wave 5"?Hello everyone, I hope you're doing well.
Here are several reasons why this upward wave could be wave 5, as I'll explain for clarity:
The most important reason is the completion of the 5th bullish Elliott wave and negative divergence on waves 5 and 3.
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Considering the deep correction within a chart pattern, the structure of wave 4 indicates it was indeed wave 4, and now PEPE is at the end of wave 5.
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Another factor contributing to this deep correction is excessive trend chasing.
Newcomers often flock to meme coins, expecting wave after wave of upward movement and rapid ATH (All-Time High) achievements with massive profits. Hence, the market corrects these individuals.
Another reason is the dominance of PEPE domains, which have reached their primary trend ceiling, and we may likely witness significant correction in Pepe from this point onwards.
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Please note that if the analysis is correct,
the structure of wave A will be very clever in a way that you should expect a temporary correction.
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