Elliott Wave pattern suggests that PEPE/USD can resume higher

Gregor Horvat Wavetraders

PEPE has completed a larger degree corrective wave labeled (A)-(B)-(C), where wave (C) has potentially ended after it came out of a wave B triangle pattern. So looks like pullback from 2023 highs can be finished, especially as recovery from September/October came higher in five waves. Therefore, it appears that PEPE is in the initial stages of a new uptrend, forming an impulsive wave (1) or alternatively wave (A), with a corrective wave (2) (or B) possibly underway. If the bullish sentiment holds and it breaks above the "BULLISH LEVEL" line, this could confirm a wave (3) up, suggesting a strong continuation of the trend, maybe even back to May 2023 highs. At the same time we are observing the H/S pattern, which is also bullish here and can send prices muhc higher if neckline, near blue wave 1/A high is broken.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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