Elliott Wave Theory posits that markets tend to move in five distinct waves during major trends: three waves in the direction of the trend and two corrective waves moving against it. Currently, Shiba Inu is believed to be in its second corrective wave following an initial rally. Typically, the second wave serves as a pullback, setting the stage for a powerful third wave, which is often the longest and most impactful.
The theory also suggests that the second wave generally does not fall below the starting point of the first wave. For SHIB, support at the $0.000020 level may be crucial. Holdin