PEPE / TetherUSShort
"New ceiling" or "end of wave 5"?
Updated
Hello everyone, I hope you're doing well.
Here are several reasons why this upward wave could be wave 5, as I'll explain for clarity:
The most important reason is the completion of the 5th bullish Elliott wave and negative divergence on waves 5 and 3.
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Considering the deep correction within a chart pattern, the structure of wave 4 indicates it was indeed wave 4, and now PEPE is at the end of wave 5.
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Another factor contributing to this deep correction is excessive trend chasing.
Newcomers often flock to meme coins, expecting wave after wave of upward movement and rapid ATH (All-Time High) achievements with massive profits. Hence, the market corrects these individuals.
Another reason is the dominance of PEPE domains, which have reached their primary trend ceiling, and we may likely witness significant correction in Pepe from this point onwards.
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Please note that if the analysis is correct,
the structure of wave A will be very clever in a way that you should expect a temporary correction.
Your likes, follows, and comments give me energy 🔥
Here are several reasons why this upward wave could be wave 5, as I'll explain for clarity:
The most important reason is the completion of the 5th bullish Elliott wave and negative divergence on waves 5 and 3.
--------
Considering the deep correction within a chart pattern, the structure of wave 4 indicates it was indeed wave 4, and now PEPE is at the end of wave 5.
--------
Another factor contributing to this deep correction is excessive trend chasing.
Newcomers often flock to meme coins, expecting wave after wave of upward movement and rapid ATH (All-Time High) achievements with massive profits. Hence, the market corrects these individuals.
Another reason is the dominance of PEPE domains, which have reached their primary trend ceiling, and we may likely witness significant correction in Pepe from this point onwards.
--------
Please note that if the analysis is correct,
the structure of wave A will be very clever in a way that you should expect a temporary correction.
Your likes, follows, and comments give me energy 🔥
Trade closed: stop reached
Note
Currently, I have identified a bearish rising wedge pattern, which suggests a further downside breakout is more likely.However, if the dominance closes above the dynamic resistance, this analysis will be invalidated.
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Wave "A" has begun.If this analysis gets fewer than 100 likes or cm, it won't be updated.
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Everything depends on the area 0.00000974 ~ 0.00000974.Note
My target is the 0.00000800 ~ 0.00000827 area, where wave A ends.You give me energy with likes and comments 🔥
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Trade closed: stop reached
The new ceiling was installed, this analysis failed.
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