I just took a look at the weekly chart, found the trend is still for XLMBTC, spotted the weekly low about last week and then went into the to look at the details.
(1) WAVE 1, WAVE 2 - COMPLETED
(2) WAVE 3 -UNDERWAY
(3) SUBWAVE WAVE 4 IS IN PROGRESS
(4) NEXT WILL BE A IMPULSE WAVE 5 DOWN TO COMPLETE THE WAVE 3 WHICH WILL THEN SEE A RETRACEMENT BACK UP TO 2700-ISH BEFORE HEADING DOWN FOR WAVE 5 THAT COULD SURPASS THE 0.786 TO 0.887 LEVEL (SUB 1000 !)
(5) HOPEFULLY IT WILL NOT SURPASS THE 0.786 LEVEL AND WE SEE A TRUNCATED WAVE 5. WE WILL THEN SEE SIDEWAYS CORRECTION
Note : This is not an investment advice. I am doing this for myself to find the bottom to start buying for long term investment.
As you know, the market may make abrupt change and the whole need to be recounted. For the moment, the one that can invalidate this count is the 4th wave. If it breaks higher than the low of Wave 1 shown, then the whole analysis is invalid.
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