Here is the monthly chart of Stellar Lumens looking at this purely from an Elliott Wave perspective. I know little about the technical details of the protocol/token etc.
From an EW perspective price looks to be inside a bullish wave 3 with the target at the 1.618 extension.
Lets see what happens.
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The count for XLM so far. If it breaks the top of wave 1 its invalid.
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Still bullish here. Seems like a decent bounce.
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Lets see this progress.
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It seems to have played out but was expecting at least the 1 to 1 extension.
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Price went down to the 0.618 retrace. Lets see if this keeps going.
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That retrace went on for ages but I am still bullish on XLM here.
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Look at the monthly XLM/BTC chart
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Lets see If I am crazy, or not.
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That inverted H+S structure has become invalid as the price did not break the neckline cleanly to the upside. The daily 50MA is also acting as a resistance. Price needs to finish correcting here and make another HL to remain bullish or I think this idea is over.
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Its conflicting because I am bearish on a load of other alts but for some reason I think XLM will break the mould and separate from the rest of the alts . Look at my current LTC and THETA ideas for reference.
Wave 3 is expected to be 1.618 times Wave 1. Wave 3 starts at the end of wave 2. In this case 1.618 x of wave 1 = to $17-18 instead of $8.
theycallmebytmaster
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LFG... i have same perspective 🔥
SwallowPremium
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Excellent charting!
Zero_Gravity
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Broke wave 1…invalid count now
40Double
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Is this a 1-2 1-2 ?
PriceActionHelp
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Well, the problem is that wave 4 overlaps wave 1.. On a monthly chart it's not acceptable I think. If you're still bullish, you may start the motive wave from the second bottom, but then it's still not a nice count (it doesn't look like an expanding leading diagonal either).
WickHunter
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@PriceActionHelp, Wave 4 does overlap wave 1 but we have to assume a highly leveraged market.
PriceActionHelp
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@WickHunter, Well, to me it's not acceptable. In 90% of the cases I observed, whenever some interpretation allows for the rule violation, it's not going to work out as originally assumed..
WickHunter
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@PriceActionHelp, look at Kraken XLM chart. its different again, the second top was higher.
PriceActionHelp
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@WickHunter, I see either wave 1/A + a running/expanded flat there or a WXY. I don't think it's just an impulse wave with a wave A going on right now. At least a couple of possibilities.