Photo by Executium on Unsplash

Elliott Wave Analysis TradingLounge Daily Chart

DogeCoin/ U.S. dollar(DOGEUSD)

DOGEUSD Elliott Wave Technical Analysis 

Function: Counter trend    

Mode: Corrective

Structure: Zigzag

Position: Wave ((C))

Direction Next higher Degrees: wave I of Impulse

Wave Cancel invalid Level: 

Details: Wave ((4)) may be complete and the Price entry to uptrend again

DogeCoin/ U.S. dollar(DOGEUSD)Trading Strategy:
Dogecoin is still in a period of correction, positioned in wave (II) with a Zigzag pattern. The outlook is for a short-term pullback before rising again in wave (III). Wait for the correction to complete before rejoining the uptrend.

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 H4 Chart

DogeCoin/ U.S. dollar(DOGEUSD)

DOGEUSD Elliott Wave Technical Analysis 

Function: Counter Trend

Mode: Corrective 

Structure: Zigzag

Position: Wave A

Direction Next higher Degrees: Wave V of Impulse

Wave Cancel invalid Level: 

Details: wave ((2)) Is Equal to 61.8% of Wave ((1)) at 0.1373

DogeCoin/ U.S. dollar(DOGEUSD)Trading Strategy:
Dogecoin is still in a period of correction, positioned in wave (II) with a Zigzag pattern. The outlook is for a short-term pullback before rising again in wave (III). Wait for the correction to complete before rejoining the uptrend.

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:

Elliott Wave Insights: S&P 500, Nasdaq 100 & Global Indices Analysis
Unlocking ASX Trading Success: V300AEQ ETF Units – Vas Stock Analysis & Elliott Wave Technical Forecas 1t
Analog Devices Inc. Stocks Elliott Wave Technical Analysis - Wednesday, June 19