Foreign Welcome to another opted video about Doge Dogecoin did break the channel Um we talked about that before we talked About that the bullish count which is Highlighted here in blue was not very Reliable not especially not since we Um the way 3x needs to sit here so the Blue the blue count was the bullish Count one two three yeah and the problem Is we never really put a four in place And never really put a five in place Um remember when I said to you up here That I want to see a fourth wave and the Fifth wave to be more bullish about Doge Now clearly in a traditional impulse you Would have expected that it will reverse Somewhere above 10 cents when it came Down to the upside which it didn't do so It had to do something like this the Wave 4 should have reversed or should Have been put in um anywhere above 10 Cents and then putting in a fifth wave Didn't happen so the best bullish case We still can offer is um a leading Diagonal which means you can have Overlaps of waves one and four but it's Not highly reliable as I said to you Before diagonals Whenever they occur I want to see five Waves up because if we don't get the Five waves up I don't really have Confidence into leading diagonals they Do occur quite often in the beginning of
A bull run or a stronger recovery but They are less reliable yeah so I tend Not to trade the diagonal patterns Because they are less reliable the most Reliable ones are of course impulses and Proper Corrections in a larger impulse Then you can play nice and you know back And forth buying and selling scaling and Scaling out with a diagonal because These are so unreliable I don't do it And we can currently see why because Doge lost the trend lines so we already Had on the chart here the red count Which is the bearish count which assumes That this was just a wave 4 high and we Put in a w x y pattern just three waves Up Um and that we're coming down in an Impulse wave one wave two with three Wave four here as a triangle Talked about that in the previous video That this was most likely a triangle and Which then also break to the down broke To the downside and now we've also lost The trend line of the channel Um which makes me think you know have we Already seen here the break of the Triangle really occur and was this a Wave one was this a wave two and we're Now coming down in three quite likely Given that the Wave 3 is quite long and Strong what a wave three sorry normally Is Um Target yeah Target for the Wave 3
Would have been the 1.618 extension at Seven point well seven cents basically Um first Target was reached one to one Ratio but the ideal Target is the 1.618 So we haven't got there yet that would Be ideal to get there and then that Would put some more confidence into this White Wave count within the red one That'd be putting in one more low here In a way five and we need to see how low That really goes Um we don't necessarily need to put a Completely new low in would be ideal Let's see but certainly we are not on The way here at the moment to the upside This is looking like we're going to at Least retest the seven Cent level and if We drop below that Then you know I think we can get sort of Into the region around five and a half Cents again and this is where we're Going to see the decision if we're going Going to put an even new low in place Yeah so recently we have seen that a lot Of rallies in crypto have just been Three wave corrections to the upside and Um yeah that they they are not very um They're not really pushing in an Impulse To the upside and this was one as well Pushed to the upside in just three ways Coming down in five not bullish so I Think we could really be in this fifth Wave to the downside now Um
Is there still a chance for it to well Reverse from here it goes directly to The upside yes because we haven't broken The seven Cent level again or not yet And in fact this could still be if we Say okay maybe the way four peaked here Yeah in this kind of triangle there's Nothing stopping Doge from putting an Extended triangle in place so with a Triangle with an Elliott wave triangle Which would in this case break to the Downside eventually you know you can say This was a wave a here maybe um a b no Second I need to change something but See D e or something one second I need to Zoom in no this would have been the this Would have been the Wave A 3D a then this would have been the B C possibly Okay yeah I know we said this might have Been the D and this the e Um but there's nothing stopping Doge From really putting an extended triangle In so that this was maybe a b The C is still coming but e is still Coming the E is still coming this would Really only be in be well get impossible If we break below the seven Cent level So also in this count the extended Triangle we would expect it to break Eventually actually to the downside and In the way four high would sit here So I would consider that if we don't
Push any lower now yeah if we get higher But stay below uh the nine and a half Cent level then we can consider this Extended triangle certainly nothing Imminently bullish here especially Because the move of the low here that we Put in on the 9th of November was just a Three wave increase and this is also not Very reliable in terms of being bullish Okay and that's my update about Doge I Hope you liked 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