Dogecoin likely entering final wave 5 push of this recent cycle

2021年5月7日

I outlined the higher degree wave cycle with the thicker blue numbered line in the left-hand chart, and zoomed in on the section around what I believe to be wave 3-4-5. Wave 1 is abnormally strong, and I've spent some time wondering if I have mislabeled it. However, all the fib ratios check out, and I don't seem to have violated any Elliot wave rules.

Either way from about 10pm last night up to 7pm today, an inner impulse wave pushed Doge to a new ATH, and bullish diverged from the previous correction. This inner wave peaked at the 1.336 fib ratio taken to be the inverse of the higher degree wave 4 correction, and itself appears to be on the wave 4 correction. We could see one more move up towards the 1.6 fib range at .80c, but beyond that I'm not sure.

If this is the final wave push, there should be a correction larger than the most recent .7 to .5. This wave does offer a decent trading possibility, but timing wave 5s can be tricky.

2021年5月8日

註釋

Here is a closer look inside the lesser degree waves from the righthand chart and an estimation for the start of wave 5:

2021年5月8日

註釋

2021年5月8日

註釋

2021年5月8日

註釋

After watching the price action a little more, I think the wave 5 move is actually already played out at the 1.2 fib target.

I exited the trade at break even, and wont be re-entering until things settle from SNL. Holding Doge at this point could be very risky.