Elliott Wave Analysis TradingLounge Daily Chart, November 14, 2022

Unsplash

Dogecoin (DOGE-X)

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

TradingLounge Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, 14 November 2022,

Dogecoin (DOGEUSD)

DOGEUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode:Motive

Structure: Impulse

Position:Wave 5

Direction Next higher Degrees: wave I of Motive

Details: The decrease of wave 5 is usually equal to the length of wave 1.

Wave Cancel invalid Level:

Dogecoin (DOGEUSD) Trading Strategy: The price is likely to trade below 0.069 as theecline of wave 5 has the same length as wave 1. The price is also below the MA50MA200 and a hidden bearish divergence has been formed, so the outlook remains adowntrend.

Dogecoin (DOGEUSD) Technical Indicators: The price is below the MA200 MA50,indicating a clear downtrend. The Wave oscillator has hidden bearish divergence.

More By This Author:

Stock Market Summary - Elliott Wave, SP500, US ETF Sectors
Elliott Wave Technical Analysis: PepsiCo Inc. - Fri., Nov. 11
Elliott Wave Technical Analysis: BTCUSD