Foreign We are still sort of here looking at two Two possibilities but obviously the Bullish one the bullish breakout pattern Has not worked out where we looked at Um the blue count here before wave one Wave two a wave three and then we said To really put in Um let's say or to give us more Confidence that this let's say bear Market or downtrend for Dodge is over we Need to put from here Um a fifth wave in now that didn't Happen the 10 cent level was the Clear Invalidation Point for this pattern and We came there for down a lot and that is Sort of why also again the elite waves Can be so useful because they tell you Clearly the invalidation points 10 cent Was the invalidation point after that Was triggered we came down Run about 30 percent to seven cents so That is clear a signal that when these Levers are broken you know you can set a Stop loss there or where whatever Um usually somewhere below that level Quite tight Um always depending on your personal Circumstances and your position size as Well to keep risk to the degree that You're comfortable with but um yeah I Mean as I said in the previous video as Well even though we dropped now you Could still consider this as a you could
Could consider this as a bullish wave Pattern here for um Doge but it's Obviously lost massively in credibility Now obviously also with the three waves We were skeptical and said we ideally I Want to see five waves and only then I'd Be more um confident in buying a setback Because if you see the five waves up Then you usually get the three waves Down Um at least if the pattern works out and I would have bought them the um the Setback but now that we've only had Three waves up this pattern is not Reliable anymore Um and in the blue count we can still Consider this again as a bullish Breakout pattern but it would be a So-called diagonal pattern one two three Four a very deep wave four in a diagonal Where you can overlap with wave one and The wave 5 maybe into the region 15 to 16 cents would be next but this is not High probability it's it's not reliable At all Um of course it can be traded but be Aware that the lower that the the Confidence in this is very low of course We're moving in a channel and as long as We're holding support in the channel Here Um in this ascending channel that Pattern could work out but for me to Have a let's say a meaningful Trend or
Trade and to understand or to let's say Yeah and you know be more confident in This whole wave count and into Doge as a Whole in that it has completed the bear Market already and that the low was Already in here in June I would want to See that fifth wave happen now and then At least I know we've had five waves I Can count that as a diagonal pattern That would then be a wave one and I'd be Looking at the Wave 2 pullback to buy in Possibly right Um but until I see that fifth wave to The upside occur things are really Really low probability here So that is why we also have the red Count on the chart that is at the moment Primary expectation because the impulse Move to the upside didn't work out so We're looking here at Um the move up because it was only three Waves as a corrective wave a wave four That is what I had here before as well And that as long as we only have three Waves this could very well just be a Waveform we come down in an Impulse now In the move down now we have wave one Wave two wave three wave four may be Finished and we could see another fifth Wave down confirmation that we actually See a fifth wave down would occur below The break of the um seven Cent level Yeah Um you will already get sort of let's
Say an alert earlier and I think if we Get then if we take out these two swing Lows which occurred here on the 14th of November and the 12th of November which Is around 8 cents I think already below 8 cents this is going to come down most Likely you still have the channel Support line but it is also just port Line that will then most likely be Broken if we lose these support levels But again a support level is a support Level As long as it holds but the way this Pattern looks like it's a typical wave Four so this could even be some kind of An Elliot wave triangle which will then Come down but at the moment I have no in You know sort of trust that Um this is moving up from here Especially if this is just a Consolidation of the strong downtrend it Might as well carry on that is usually More likely you can even add a trend Line here in some way to this kind of Triangle pattern so a break out here Especially to the downside would already Be a really good indication it's coming Further down and target maybe around Four to five cents However if we now move up and break Above the recent swing high at nine and A half cents then we might already be in The fifth wave and A wave 4 will get unlikely yeah
Basically above 10 let's say 10.4 cents Because that's the 50 Fibonacci Retracement level so in summary as long As we stay below 10 and a half cents This could still be a wave 4 and that Would be my primary expectation as soon As we get above 10 and a half cents I Think we are in a fifth wave and put That fifth wave in Um in a possible Breakout So yeah that's my update about Doge Um hope you like the update if you did Please hit the like button leave a Comment and subscribe and if you really Like the content then please check out The channel membership thanks a lot for Watching bye Thank you