Dogecoin Elliott Wave technical analysis [Video]

DOGE/USD – Elliott Wave technical analysis – Daily chart

• Function: Follow Trend.

• Mode: Motive.

• Structure: Impulse.

• Position: Wave 3.

• Direction (next higher degrees): Pending.

• Invalidation level: Pending.

DOGE/USD – Trading strategy

Overview

Wave (2) completed between 0.16113–0.16525 as a Zigzag correction. The price has now moved into the final phase of wave 3, which includes five sub-waves. A short-term retracement could occur, targeting 0.22363.

Trading strategies

• Swing trade strategy (short-term traders):

  • Watch for the end of wave 5 near 0.2236 and consider booking partial profits.

  • Monitor for signs of divergence or weakening momentum near this level to prepare for wave (4) correction.

• Invalidation point:

  • The uptrend structure is invalidated if the price falls below 0.18000.

DOGE/USD Elliott Wave technical analysis – Four-hour chart

• Function: Follow Trend

• Mode: Motive

• Structure: Impulse

• Position: Wave 3

• Direction (Next Higher Degrees): Pending

• Invalidation Level: Pending

DOGE/USD – Trading strategy recap

Overview

Wave (2) ended between 0.16113–0.16525, following a Zigzag structure. Price is in the latter part of wave 3, expected to peak around 0.22363.

Trading strategies

• Swing trade strategy (short-term):

  • Consider profit-taking as wave 5 concludes near 0.2236.

  • Watch for divergence or slowing momentum as possible signals to prepare for a correction wave.

• Invalidation level:

  • The structure becomes invalid if the price dips below 0.18000.

Dogecoin Elliott Wave technical analysis [Video]