Dogecoin (DOGE/USD) — A Long-Term Elliott Wave PerspectiveDogecoinCRYPTO:DOGEUSDMehdi_Abbasi_EWP On the weekly chart, Dogecoin continues to present a potential large-degree five-wave impulse structure. As with the long-term structures I have previously shared for Bitcoin and Ethereum, DOGE may currently be developing within Wave IV of this larger impulse. At the aggressive count, Wave IV can be interpreted as a large sideways correction composed of two larger zigzags connected by an intervening wave. This connecting wave itself may take the form of a Triple Zigzag and, from a geometric perspective, shows similarities to an Expanded Diagonal structure. Within this interpretation, Wave Y is currently developing as a classic Simple Zigzag, and price has already reached the initial targets identified on the chart. The reaction at the next target zones will now become increasingly important. A sustained move higher and a confirmed breakout from the corrective channels shown on the chart could provide the first significant evidence that the correction is complete and that the next bullish phase is beginning. Each channel breakout may provide additional confirmation step by step. However, the reaction following the breakout, the ability of price to hold above the broken structure, and the subsequent development of the bullish pattern will remain important. A More Conservative Alternative Count At the same time, a more conservative interpretation must also remain on the table. In this scenario, the same Expanded Diagonal that is interpreted as Wave X within the aggressive count could instead represent Wave 1 of a higher-degree Wave 5. If this interpretation is correct, the recent decline could be developing as a Simple Zigzag, forming Wave 2 of a higher-degree Wave 5. The key condition for this scenario is that the current correction must not move beyond the origin of Wave 1. As long as that critical low remains intact, the possibility remains that the market is still completing Wave 2 before beginning the next larger advance. A break above the corrective structure, followed by the development of a sustained bullish move, could then provide confirmation that Wave 2 has completed and that the market is entering Wave 3 of the larger Wave 5. Two Counts — One Potentially Bullish Path The interesting aspect of these two interpretations is that both can ultimately lead to a bullish outcome. The primary difference is the degree of the wave count and the position of the current structure within the larger Elliott Wave sequence. Under the aggressive interpretation, the larger correction may already be approaching completion, allowing the market to transition directly into the next bullish phase. Under the conservative interpretation, the market may first need to complete Wave 2 of a higher-degree Wave 5. As long as the key Wave 1 low holds, the next advance could then develop as Wave 3. For now, the key factors to monitor are: Price reaction at the next target zones; Confirmed breakouts from the corrective channels; The preservation of the key Wave 1 origin in the conservative count; And the development of a valid bullish structure following the breakout. Until these confirmations appear, patience remains essential. The market will ultimately reveal which wave count is correct through its structure. — Mr. Nobody | Elliott Wave Principle DOGE Dec 15, 2023 Doge In Strong Bullish Market, Five Wave Up