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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.

Elliott Wave Analysis TradingLounge 4hr 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 Downtrend. The Wave Oscillator is a Bearish Momentum.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

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