DOGEUSD Elliott Wave Technical Analysis 16 November 2022
4 Hour
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 the decline of wave 5 has the same length as wave 1. The price is also below the MA50 MA200 and a hidden bearish divergence has been formed, so the outlook remains a downtrend.
Dogecoin (DOGEUSD) Technical Indicators: The price is below the MA200 MA50, indicating a clear downtrend. The Wave oscillator has hidden bearish divergence
Daily
Dogecoin (DOGEUSD)
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
