XLM (Stellar Lumens) Elliot Wave Analysis
Hello guys,
XLM started its wave around November 23rd 2018 and finally reached wave (5) December 15th.
Zigzag correction wave to be valid:
1. B wave needs to retrace between 0.786~0.886 of X to A.
2. C to retrace to 1.12~1.272 of B of A.
It is now on 'potential' corrective pattern. Assuming that the wave is playing a zigzag correction pattern, B validates when it retraces to 0.886 exact point from X to (A).
And now heading towards C.
Other things to consider:
1.It also broke out from falling wedge pattern supporting point (B)
2.Has a strong support 2900~3000 area from Jun, July and September.
XLM started its wave around November 23rd 2018 and finally reached wave (5) December 15th.
Zigzag correction wave to be valid:
1. B wave needs to retrace between 0.786~0.886 of X to A.
2. C to retrace to 1.12~1.272 of B of A.
It is now on 'potential' corrective pattern. Assuming that the wave is playing a zigzag correction pattern, B validates when it retraces to 0.886 exact point from X to (A).
And now heading towards C.
Other things to consider:
1.It also broke out from falling wedge pattern supporting point (B)
2.Has a strong support 2900~3000 area from Jun, July and September.
Comment:
** 1. B wave needs to retrace between 0.682~0.886.
Comment:
**2. C to retrace to 1.272~1.618.
I got mixed up with expanded flat correction
I got mixed up with expanded flat correction
Trade closed: stop reached:
Hello guys, quick update on XLM, after Bitcoin's fail in rallly caused the blood bath of alts. We were expecting the break to the upside to the 4.2k level buy it has failed three times before the dip. I did got stopped out from XLM and am on BTC and changed that to USDT. Even if the chart was to drawn correctly, if overall market decides to fall, it will ignore the TAs and play against you. That is why it is very important to set a proper stop losses to protect your profit/capital.
Comment:
I would personally wait to see how BTC plays out for any trades at the moment. This is little out from the TA but keep in mind bitcoin market has fallen close to when Chinese New Year (Starts Jan 16th and lasts for two weeks) over the few years. Last bear market, it went down tremendously around that time.