Dogecoin/ U.S. Dollar (DOGEUSD) Elliott Wave Analysis TradingLounge Daily Chart
DOGEUSD Elliott Wave Technical Analysis
Function: Countertrend
Mode: Corrective
Structure: Flat
Position: Wave ((C))
Direction in Next Higher Degrees: Wave (C) of ((4))
Wave Cancel Invalid Level:
Details: The current corrective phase of Wave ((4)) suggests an eventual increase, moving into Wave ((3)).
Dogecoin/ U.S. Dollar (DOGEUSD) Trading Strategy
- The five-wave rally of Wave III indicates that two more significant movements are yet to occur: a decline within Wave ((4)) followed by a rise in Wave ((5)).
- The ongoing price action confirms an uptrend, with expectations of trend resumption after the corrective phase.
Dogecoin/ U.S. Dollar (DOGEUSD)Elliott Wave Analysis TradingLounge 4-Hour Chart
DOGEUSD Elliott Wave Technical Analysis
Function: Countertrend
Mode: Corrective
Structure: Flat
Position: Wave ((C))
Direction in Next Higher Degrees: Wave (C) of ((4))
Wave Cancel Invalid Level:
Details: The corrective phase of Wave ((4)) is nearing completion, signaling a likely increase moving into Wave ((3)).
Dogecoin/ U.S. Dollar (DOGEUSD) Trading Strategy
- Similar to the daily chart analysis, the five-wave rally in Wave III requires two additional movements: a dip in Wave ((4)) and a rise in Wave ((5)).
- The price remains in an uptrend, suggesting a continuation of the bullish momentum following the corrective phase.
Dogecoin/ U.S. Dollar (DOGEUSD) Technical Indicators
-
MA200 Position: The price is trading above the 200-day moving average, confirming the ongoing uptrend.
-
Wave Oscillator: Indicates strong bullish momentum, supporting a positive price outlook.
Technical Analyst: Malik Awais
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