The head macro strategist at Swissblock is predicting major moves for one Dogecoin (DOGE) rival ahead of a potential blow-off top for risk assets.
Henrik Zeberg tells his 155,900 followers on the social media platform X that Solana (SOL)-based memecoin dogwifhat (WIF) may be on the verge of an explosive breakout beyond the $3.10 level.
“WIF: wait for the pop!”
Looking at his chart, the analyst suggests WIF is printing a series of higher lows and higher highs on the four-hour timeframe.
In June, the analyst used Elliott Wave Theory to forecast an explosive run for WIF at the way to the $55 mark.
The theory states that an asset tends to witness a five-wave rally with wave three being the longest and the strongest move up.
WIF is trading for $2.93 at time of writing, up nearly 10% in the last 24 hours.
Zeberg is also warning of a potential blow-off top forming in financial markets.
In technical analysis, a blow-off top refers to a sudden rise in price action followed by a sharp decline.
“Blow-off top is developing! October will be amazing. Same for November. But underneath the economy is deteriorating. Average weeks of unemployment is moving higher. This is a structural weakness of the economy. Forget about NFP (Non-farm Payrolls) numbers which will be revised. This is the real development in the economy. The consumers are struggling.”
The economist shares a chart that predicts the Dow Jones Global Index, a collection of indexes that measure the performance of global stock markets, will start to plummet on November 11th.
He says the market collapse will trigger one of the worst recessions ever seen.
“What I said – and how it is going. This blow-off top was called from October 2022. Now we are almost in the final phase – while everybody is getting bulled-up! Largest recession since 1929 coming. Not only deflation. But also stagflation as Fed intervenes.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: DALLE3