Dogecoin (DOGEUSD) Elliott Wave Technical Analysis 16 November 2022

[tradinglounge]

Elliott Wave Analysis TradingLounge Daily Chart, 16 November 2022,

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 reducedwith 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 willcontinue 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

TradingLounge Analyst: Kittiampon Somboonsod

 

 

 

 

Elliott Wave Analysis TradingLounge 4H Chart, 16 November 2022,

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 thedecline of wave 5 has the same length as wave 1. The price is also below the MA50MA200 and a hidden bearish divergence has been formed, so the outlook remains adowntrend.

Dogecoin (DOGEUSD) Technical Indicators: The price is below the MA200 MA50,indicating a clear downtrend. The Wave oscillator has hidden bearish divergence.