Polkadot (DOT) – Expanded Flat (3-3-5) Near Completion?
DOT has been unfolding a textbook Elliott Wave expanded flat since its 2021 peak.
The initial bull market completed with a clear five-wave impulse from $1.45 to $49.82. The marginal new high at $55.18 is not counted as part of that impulse. Instead, it represents Wave B of an expanded flat correction.
The structure is as follows:
* Wave A: $49.82 → $10.38 (3 swings)
* Wave B: $10.38 → $55.18 (3 swings)
* Wave C: $55.18 → 5-wave impulse targeting 63¢
This forms a classic 3-3-5 expanded flat, one of EWP’s most common corrective patterns.
Wave C has respected the long-term descending channel remarkably well and is approaching a strong confluence of support: the lower channel boundary, Fibonacci extensions, and historical price levels all converge around the current region.
If this count is correct, DOT is in the final stages of completing a multi-year corrective structure rather than beginning a new bear market. Confirmation, however, will only come with a clear five-wave advance from the low. Until an impulsive reversal develops, further downside cannot be ruled out.
A completed expanded flat would imply that the correction of the entire advance from $1.45 has ended, opening the door to a new impulsive cycle with the potential to eventually exceed the previous all-time high.
As always, this is an Elliott Wave interpretation, not a prediction. Alternative counts remain valid until the market confirms one scenario over the others.
Like and follow for more charts like this.
DOT has been unfolding a textbook Elliott Wave expanded flat since its 2021 peak.
The initial bull market completed with a clear five-wave impulse from $1.45 to $49.82. The marginal new high at $55.18 is not counted as part of that impulse. Instead, it represents Wave B of an expanded flat correction.
The structure is as follows:
* Wave A: $49.82 → $10.38 (3 swings)
* Wave B: $10.38 → $55.18 (3 swings)
* Wave C: $55.18 → 5-wave impulse targeting 63¢
This forms a classic 3-3-5 expanded flat, one of EWP’s most common corrective patterns.
Wave C has respected the long-term descending channel remarkably well and is approaching a strong confluence of support: the lower channel boundary, Fibonacci extensions, and historical price levels all converge around the current region.
If this count is correct, DOT is in the final stages of completing a multi-year corrective structure rather than beginning a new bear market. Confirmation, however, will only come with a clear five-wave advance from the low. Until an impulsive reversal develops, further downside cannot be ruled out.
A completed expanded flat would imply that the correction of the entire advance from $1.45 has ended, opening the door to a new impulsive cycle with the potential to eventually exceed the previous all-time high.
As always, this is an Elliott Wave interpretation, not a prediction. Alternative counts remain valid until the market confirms one scenario over the others.
Like and follow for more charts like this.
In technical analysis, several methods focus on higher timeframes to provide a broader, more reliable context for trading or investment decisions. Elliott Wave Principle generally considers historical higher timeframes as mandatory.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
In technical analysis, several methods focus on higher timeframes to provide a broader, more reliable context for trading or investment decisions. Elliott Wave Principle generally considers historical higher timeframes as mandatory.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.