Elliott Wave Technical Analysis: Dogecoin - Friday, Nov. 18

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Elliott Wave Analysis TradingLounge Daily Chart, 18 November 2022

Dogecoin (DOGEUSD)

DOGEUSD Elliott Wave Technical Analysis

Function: Counter trend

Mode: Corrective

Structure: double corrective

Position: Wave (Y)

Direction Next higher Degrees:

Details: The decrease of wave (Y) has a trend to trade below 0.5528

Wave Cancel invalid Level:0.07

Dogecoin (DOGEUSD) Trading Strategy: The structure in the larger image is reduced with a double corrective pattern in the lower (Y) wave, but because the internal sub-wave of the wave is not yet complete. Overall, there is a chance that the rate will continue to decrease.

Dogecoin (DOGEUSD) Technical Indicators: The price is below the MA200 MA50, indicating a downtrend. The Wave oscillator below Zero-Line Momentum is bearish

Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, 18 November 2022

Dogecoin (DOGEUSD)

DOGEUSD Elliott Wave Technical Analysis

Function: Counter trend

Mode: Corrective

Structure: Triangle

Position: Wave 4

Direction Next higher Degrees: wave A of Zigzag

Details: The side-ways move in wave 4, upon its completion, the price goes down again in wave 5.

Wave Cancel invalid Level:

Dogecoin (DOGEUSD) Trading Strategy: The price is likely to trade below 0.069 as the decline of wave 5 has the same length as wave 1. The price is also below the MA50MA200 and Wave oscillator below the Zero-Line, so the outlook remains a downtrend.

Dogecoin (DOGEUSD) Technical Indicators: The price is below the MA200 MA50, indicating a clear downtrend. The Wave oscillator below Zero-Line Momentum is bearish.