DepositPhotos

Elliott Wave Analysis TradingLounge Daily Chart

Dogecoin/ U.S. dollar(DOGEUSD)

Function: Counter trend

Mode: Corrective

Structure: Double Corrective

Position: Wave Y

Direction Next higher Degrees: wave (II) of Impulse

Wave Cancel invalid Level:

Details: Wave (II) may not be complete, price is likely to be below 0.076

Dogecoin/ 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.
 

Dogecoin/ U.S. dollar(DOGEUSD) 4hr Chart

Function: Counter trend

Mode: Corrective

Structure: Double Corrective

Position: Wave Y

Direction Next higher Degrees: wave (II) of Impulse

Wave Cancel invalid Level:

Details: Wave (II) may not be complete, price is likely to be below 0.076

Dogecoin/ 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
.

Technical Analyst : Kittiampon Somboonsod

Source : Tradinglounge.com

More By This Author:

Trading Strategy Update: Holding Long Positions On Stocks & Indices With Bullish Bias
Tech Mahindra Stocks Elliott Wave Technical Analysis - Friday, October 11
WTI Crudeoil Commodity Elliott Wave Technical Analysis - Friday, October 11