DOGEUSD appears to be reaching the end of the bearish impulse wave that started at DOGEUSD's ATH (~8 May 2021; red wave on the chart).
So far, we've seen three intermediate bearish impulse waves within this larger wave, the third of which we're presently forming the final leg, and two correction waves (all yellow on the chart).
Among the shorter cycle that's harder to make out on the daily timeframe (blue on the chart), we're either sitting near the end of the third leg *or* the end of the fifth leg -- it's difficult to tell.
All three of these wave cycles will end together within the next couple of weeks, which means the next set of waves will go up together (possibly an impulse wave, possibly only a correction wave).
If 0.04958 (~25 March 2021) was the beginning of the wave that drove to the ATH, the nearest logarithmic Fibonacci level is the 0.328 at ~0.139.
If 0.04152 (~23 February 2021) was the beginning of the wave that drove to the ATH, that same 0.328 level is ~0.1247.
These are being figured with the following formula: e ^ ((( ln(high) - ln(low) ) * 0.382) + ln(low))
I'm uncertain whether this calculation is of any use here; it's difficult to do a lot of the common market maths when an instrument is sitting over 1500% above where it was only a year ago!
Though I'm marked as bullish on this idea, there is possible room for more bearishness before the wave cycles end together in the next couple of weeks, which may test lows of ~0.139 or ~0.1247.
So far, we've seen three intermediate bearish impulse waves within this larger wave, the third of which we're presently forming the final leg, and two correction waves (all yellow on the chart).
Among the shorter cycle that's harder to make out on the daily timeframe (blue on the chart), we're either sitting near the end of the third leg *or* the end of the fifth leg -- it's difficult to tell.
All three of these wave cycles will end together within the next couple of weeks, which means the next set of waves will go up together (possibly an impulse wave, possibly only a correction wave).
If 0.04958 (~25 March 2021) was the beginning of the wave that drove to the ATH, the nearest logarithmic Fibonacci level is the 0.328 at ~0.139.
If 0.04152 (~23 February 2021) was the beginning of the wave that drove to the ATH, that same 0.328 level is ~0.1247.
These are being figured with the following formula: e ^ ((( ln(high) - ln(low) ) * 0.382) + ln(low))
I'm uncertain whether this calculation is of any use here; it's difficult to do a lot of the common market maths when an instrument is sitting over 1500% above where it was only a year ago!
Though I'm marked as bullish on this idea, there is possible room for more bearishness before the wave cycles end together in the next couple of weeks, which may test lows of ~0.139 or ~0.1247.
