Market Analysis – 9 May 2025

Dogwifhat (WIF) – Elliott Wave Structure Update

Technical Overview:

Current Price: ~$0.69

Wave Structure: In the 5th wave of a potential Elliott Wave sequence

Support Level: $0.47 (must hold to confirm valid Wave 4)

Fibonacci Zone: 61.8% retracement held during Wave 4

Target Zone for Wave 5:

Primary: $0.798 – $0.884

Extended (max range): Up to $1.02

Micro-support: Will be defined after Wave A top within Wave 5

Trade Setup:

Entry Zone: $0.72–$0.76 (on dips or confirmation of Wave 5 continuation)

Target 1: $0.80

Target 2: $0.88

Target 3 (extended): $1.00–$1.02

Stop Loss: Close below $0.69 (confirmation required)

Invalidation Level: Daily close below $0.47 cancels the bullish scenario

Summary:

WIF is completing its fifth wave in a potential diagonal Elliott Wave structure. As long as support zones hold, especially $0.69 and ultimately $0.47, the bullish trend is intact. Watch for consolidation over the weekend and confirmation of continuation for ideal entry.

$WIF

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