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Elliott Wave Analysis
In my last post, I went into the details of how the Bitcoin scare dragged DOGE and the rest of the markets down with it. What I did not consider was that it changed the Elliott Wave pattern to a bear (or corrective) wave pattern. This was disappointing. We had zero tweets from Elon on 4/20! Market sentiment is so finicky – I find it quite annoying. Everyone was all doom and gloom on Reddit, Telegram, etc. – but we are still way in bull market territory, and it’s only midweek! However, I did need to reset my expectations a bit based on this new hypothesis.
So, on Monday, I sketched out where I thought the wave was going, based on a standard “flat” corrective pattern.
Luckily, DOGE didn’t dip as badly as I thought (so far). Elliott Wave corrective patterns are much harder to predict, and there are a large amount of combinations and forms they can take. See Elliott Wave Forecast for more info. We could still see it dip into the .22-25 territory.
We seem to be consolidating around the .30 mark for DOGE, and based on the current moving average, could see a return to .40 sometime in the near term. I predict there will be significant selling pressure if that happens, but the moving average seems to be flattening, and I’m bullish long-term on DOGE (from where I bought in), so I will continue to HODL – and update you all with my thoughts. If a fire gets lit in the next couple of days, it could get really interesting again.
DISCLAIMER: This is not investment advice. However, if you liked the content, and found it helpful, you can tip me at my DOGE address here:
DTYBz3Hyo5yw1MTyoNYRh8HjJebQF1P3s9
