Using Fib retracement and Elliot wave theory, I have concluded that a possible Uptrend for Doge is in the works.
Per Elliott Wave Theory, we are in a Corrective Wave on the 4 hour chart and looking at a possible downtrend starting. For fundamentals: Total vehicle sales are a coming up and depending on the value could increase the downtrend or stop it in its tracks.
After analysis, it seems its a good time to buy in my opinion.
US Dollar Index has bearish bias. Big news coming from EU during London session.
Applied Fibonacci retracement, Gann Fan based on the the respective Theorums and Elliot Wave rules followed. Also, established the overall Wyckoff Shematic prior to applying tools.
Overall trend is up on EUR/USD. Down trend for USD/DKK. However, the market should finish the Impulse and Correction then reverse. Need to complete Wyckoff sequence as well. Distribution for EUR/USD, Accumulation for USD/DKK.
Going down. ADX is showing trend, MACD is showing down, Alligator (Williams) says upish but I disagree, Heikin Ashi and Renko say down, and B-Bands are closing. Lets short this!
Indicators/sentiment point to a continuation of the downtrend.