This is my analysis on XLM/BTC.. from what i have noticed, there was a completed ABC correction and now we are moving into the Elliott waves, perhaps we've seen wave 1 already and now wave 3 is starting to rise (possibly seeing a new high by the end of wave 5). Along the line of wave 3 there has been a recent support on the uptrend showing wicks bouncing off the trend line. As well as the Elliott wave formation, another confirmation we have is the 4 moving averages have successfully fanned out in proper order showing signs of a bull run. These look to be very good signs moving forward.
Once again if there are any issues with my analysis feel free to let me know as i am still a beginner and learning as i go. Thank you
I'm glad I found your chart today. I made one with the exact same look/labels/spots earlier today but didn't share it here cuz its done sloppy on my Bittrex account and I am very new to this. Yours is sooooo clean and easy to read/follow. I am going to try to get mine up to par:)
Questions... what are your moving averages? I used 55, 21, 14, 8 Exponential
what is this time frame? I use the above ema's on the 2,3,4 hour time frames but I can't swear that the right way, if there even IS just one right way.
nickd534
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@ABear, hey man thanks alot i appreciate it. not sure why my other reply didn't go through but yes those are the values i use as well if you look at my chart i posted you can see in the top left everything i use and the values. i usually use 2-4 hour time frame because i have longer trades so its more accurate.
longmoney
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How do you accommodate the diagonal in your third? Seen on the hourly. Be sure to look at multiple time frames. Lowest I go is hourly. 15 min on very rare occasions.
I propose that we damn near double-topped. Buyers trying to push back but we've already hit 5800. We now stand at 56. Thanks for TA nick.
nickd534
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@longmoney, for the third wave i just used the trend line on the bottom wicks where it would bounce off of. Didnt mean for it to be the 3rd wave, im not exactly sure how to make appropriate estimations for wave lengths.
nickd534
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@longmoney, what do you mean exactly by "diagonal would be in third if third subwave was higher"? also looking at your TA, i agree with the correction rather than wave 1
thanks for the help!
RandySpanish
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I love your ta on this. Where did you learn the Elliot wave? Do you have any recomeded reading or videos?
nickd534
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@RandySpanish, my reply on this got deleted too, i think it was because i tried sending a link i dont think im allowed to put links in the comments on trading view. If you personal message me i can send you the link to a place with great content to learn from.
Questions... what are your moving averages? I used 55, 21, 14, 8 Exponential
what is this time frame? I use the above ema's on the 2,3,4 hour time frames but I can't swear that the right way, if there even IS just one right way.