DOGE - $0.30 Next Target, Elliot Waves📉Hi Traders, Investors and Speculators of Charts📈
Dogecoin was one of my TOP altcoins to watch for 2024. (Find the others here):
The DOGE fractal I've been following has played out extremely well, and so I will continue to follow this fractal:
Since we have now completed Elliot Wave 2-3, we are seeing the corrective phase of 3-4. This means we have yet another impulse wave upwards to look forward to after the correction is completed.
Fibonacci Ratio is useful to measure the target of a wave’s move within an Elliott Wave structure. Different waves in an Elliott Wave structure relates to one another with Fibonacci Ratio.
Fibonacci Ratio Relationship
• Wave 2 is 50%, 61.8%, 76.4%, or 85.4% of wave 1
• Wave 3 is 161.8%, 200%, 261.8%, or 323.6% of wave 1-2
• Wave 4 is 14.6%, 23.6%, or 38.2% of wave 3 but no more than 50%
• There are three different ways to measure wave 5. First, wave 5 is inverse 123.6 – 161.8% retracement of wave 4. Second, wave 5 is equal to wave 1. Third, wave 5 is 61.8% of wave 1-3
Therefore, if wave 3-4 does not retrace beyond wave 1 our next target price is around 0.33:
The GOOD NEWS though, is that this could very well be a small part of a MARO cycle. I've previously explained that Elliot Waves can be like branches of broccoli - each wave makes up a part of a smaller or bigger wave, including ABC corrective waves in each impulse wave, as demonstrated by the front page chart.
Previous DOGE idea where we first look at the fractal:
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