Dogwifhat (WIF) Price Falls 33% From High as Price Hits Overbought Territory
WIF price made a retracement since its recent high, potentially signaling a corrective phase is coming.
Key Takeaways
- WIF completed a five-wave structure, peaking at $4.70.
- RSI indicates overbought conditions, suggesting a short-term cooldown.
- Key support lies at $3.30, the bigger risk at $2.49.
Dogwifhat (WIF) recently broke out of a prolonged WXYXZ corrective structure, bottoming at $1 in August before initiating a strong five-wave Elliott structure. The impulsive wave 5 peaked at $4.70 on Nov.3, a significant high.
However, overbought RSI levels and a subsequent pullback suggest a potential consolidation or correction phase before the next major move.
WIF Price Analysis
The daily WIF price chart shows a recent breakout from a prolonged corrective pattern, characterized by a WXYXZ structure, which bottomed near $1 in August. After completing the correction, the price initiated an impulsive five-wave structure, confirmed by a breakout above descending resistance in early October.
Wave three extended strongly, pushing WIF above key resistance levels. It was followed by a corrective wave 4 that retraced but respected the ascending trendline. The final wave 5 surged to $4.70, a significant high before the current pullback.
Momentum remains bullish overall, but the RSI indicated overbought conditions, suggesting a potential short-term correction before resuming the uptrend.
Key Observations
- Corrective Structure Completed: WXYXZ correction bottomed at $1, forming a strong base.
- Impulsive Wave Formation: A five-wave Elliott structure peaked at $4.70.
- RSI Overbought: Momentum remains strong but suggests a potential cooldown phase.
If WIF holds above $3, the bullish trend remains intact, with the potential to retest $4.70 or advance higher in the next impulsive phase. Failure to maintain this support could see the price revisiting the $2.80-$2.90 range for consolidation.
WIF Price Prediction
A close look at the hourly WIF chart shows that the price has formed a descending triangle since its recent high on Nov. 13.
The breakout direction can hint at the next dominant trend, but even so, if the price makes an upward breakout, two scenarios could follow.
We could have seen the first part of a corrective ABC phase following its wave 5 peak near $5.
Wave A has completed nearly $3.30, with wave B now forming as a relief bounce. The descending triangle pattern currently shaping the price action suggests indecision, with a breakout direction to determine the next significant move.
Momentum remains neutral, with the RSI near mid-levels, indicating neither strong bullish nor bearish pressure. If wave B breaks above key resistance, WIF could resume its uptrend; however, failure to hold above the wedge support would lead to wave C extending toward a deeper Fibonacci retracement of 0.618 level at $2.50
Key Levels to Watch
- Immediate Resistance: $3.90 (0.236 Fibonacci of wave A).
- Upside Target: $4.00-$4.20 (psychological resistance and wave 5 retest).
- Support Levels: $3.30 (current wedge support) and $2.92 (0.5 Fibonacci retracement of wave 5).
- Deeper Support: $2.49 (0.618 Fibonacci retracement) and $2.18 (ABC target and previous support).
A breakout above $3.89 could confirm wave (b) ‘s continuation, with potential targets near $4.00-$4.20, depending on momentum.
Conversely, a breakdown below $3.30 would indicate wave (c) is in progress, with potential targets near $2.49 or $2.18.
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