On the daily chart, the crux of the thesis is the integrity of August’s corrective low, labeled as the wave-2 pivot. “From a daily chart point of view [price] should really… ideally hold above the wave 2 low that formed here in August,” the analyst says, calling that local invalidation line at $0.189.
Upside conviction rotates around September’s swing high. “Once we break above the last swing high from September, we might be on our way to $0.49+,” the analyst says. That level functions as the first high-time-frame gateway: a clean breach would confirm that the move out of the September trough has transitioned from corrective to impulsive character, validating the notion that June’s B-wave low has already printed.
The lower-time-frame evidence is doing some heavy lifting. On the one-hour chart, price action out of the late-September base is described as a motive sequence: “The move to the upside from the September low appears to be a five-wave move up. This allows for the interpretation that we have already bottomed in the B-wave.” The decline from the September 13 local high is, in contrast, framed as a completed three-leg retracement.
If that count holds, the present pullback should remain corrective and terminate above clearly defined micro levels: “Upper micro support is between $0.23 and $0.245 with an additional key level… at $0.233,” the analyst notes. The condition is crisp: “Ideally we’re holding above $0.23 in this pullback. If we see an impulsive reaction from here to the upside, then this could be the beginning of a third-wave rally up.”
What would carry Dogecoin beyond $0.49 toward the headline target of $0.60? The blueprint the analyst lays out implies an impulsive third-wave advance once micro support holds and September’s swing high gives way. In classical Elliott terms, a confirmed third wave often stretches beyond the initial motive leg, and the technician explicitly flags the setup: “If we see an impulsive reaction… this could be the beginning of a third-wave rally up.”
Moreover, the $0.49 handle—identified as the first destination after a breakout—would be a staging area rather than a terminus. After a fourth wave correction, DOGE could start a fifth wave which the analyst places in the $0.60 region.
At press time, DOGE traded at $0.25.
