FX.co ★ Elliott wave analysis on Dogecoin suggests a new low ahead below $0.41

Dogecoin has moved in an impulsive pattern from the beginning of its up trend to recent all time highs. Now it is time for a correction and so far we have seen most probably only the first part of the correction.

Dogecoin has so far retraced up to the 50% Fibonacci retracement and this could very well be wave a of a three wave pull back correction. Wave b most probably is finished but until we break below wave a low, we can not say with certainty that wave b is over. A new higher high above $0.59 is not out of the question yet. Wave c should complete the entire correction with a new low below wave a low and most probably close to the 61.8% Fibonacci retracement. So if you are a fan of Dogecoin, I would still keep away and wait for a deeper correction before buying.