Pudgy Penguins (PENGU/USDT) has completed a clear impulsive five-wave move.
After the sharp extension in wave (5), price action is now showing signs of exhaustion.
🔻 Correction Expectation
The fifth wave looks complete, leaving room for a downward retracement.
Key level to monitor: 0.0279 support zone.
This area is the first likely target for the corrective wave.
💡 Short Strategy
A short position can be considered once bearish confirmation appears.
Look for signals such as an engulfing red candle, loss of momentum, or rejection from the highs.
Entry: near current highs after confirmation.
Target: 0.0279 support.
Stop-loss: just above the recent peak to manage risk.
⚡ Alternative View
If momentum unexpectedly continues, there could be a small extension above wave (5). However, probability favors a pullback rather than further upside.
✅ Conclusion
PENGU/USDT is in a prime short setup following a completed five-wave impulse.
Traders should closely watch for bearish signals to time entries.
The 0.0279 support remains the key target for the correction.
After the sharp extension in wave (5), price action is now showing signs of exhaustion.
🔻 Correction Expectation
The fifth wave looks complete, leaving room for a downward retracement.
Key level to monitor: 0.0279 support zone.
This area is the first likely target for the corrective wave.
💡 Short Strategy
A short position can be considered once bearish confirmation appears.
Look for signals such as an engulfing red candle, loss of momentum, or rejection from the highs.
Entry: near current highs after confirmation.
Target: 0.0279 support.
Stop-loss: just above the recent peak to manage risk.
⚡ Alternative View
If momentum unexpectedly continues, there could be a small extension above wave (5). However, probability favors a pullback rather than further upside.
✅ Conclusion
PENGU/USDT is in a prime short setup following a completed five-wave impulse.
Traders should closely watch for bearish signals to time entries.
The 0.0279 support remains the key target for the correction.
Trade closed: target reached
💼 Professional market insights & charts:
cakirinsights.com/
cakirinsights.com/
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.
💼 Professional market insights & charts:
cakirinsights.com/
cakirinsights.com/
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.