Elliott Wave Analysis TradingLounge Daily Chart, May 4

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Dogecoin /U.S. Dollar (DOGE-X)

DOGEUSD Elliott Wave Technical Analysis 

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Zigzag

Position: Wave C

Direction Next higher Degrees: wave (Y) of Double corrective

Wave Cancel invalid Level: 0.1048

Details: : The price is likely to trade below 0.0491.

Dogecoin /U.S. Dollar (DOGEUSD) Trading Strategy: There is additional downside risk of wave (3) impulse and aligns with prices below the MA200 line which provides an overview of the downtrend, looking for confirmation below the 0.0754 level.

Dogecoin /U.S. Dollar (DOGEUSD) Technical Indicators: The price is below the MA200 indicating a Downtrend MACD and RSI are Bearish Momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, May 4

Dogecoin /U.S. Dollar (DOGEUSD)

DOGEUSD Elliott Wave Technical Analysis 

Function: Follow trend    

Mode: Motive

Structure: Impulse

Position: Wave ((3))

Direction Next higher Degrees: wave C of Zigzag

Wave Cancel invalid Level: 0.1048

Details: Wave ((3)) is usually equal to 1.618 multiplied Length of wave ((1))

Dogecoin /U.S. Dollar (DOGEUSD) Trading Strategy: There is additional downside risk of wave (3) impulse and aligns with prices below the MA200 line which provides an overview of the downtrend, looking for confirmation below the 0.0754 level.

Dogecoin /U.S. Dollar (DOGEUSD) Technical Indicators: The price is below the MA200 indicating a Downtrend MACD and RSI are Bullish Momentum.

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