Hi everyone,
These targets aren't based on any nefarious motives - just on the price action.
S1 is based on the B correction having already completed just short of the 0.5fib and is a 1:1 extension of the previous steep move (wave A).
S2 is based on the B correction being a little over half-way through and the correction reaching the 0.618 fib retracement level. It is also just a 1:1 extension of wave A. If this scenario is in play, we should see a strong move up to complete wave B (although not above the previous major swing high) before correction recommences.
Because I am probably going to be sent an unhappy message by at least one person for predicting the price of XLM is going down (as happens every time - it doesn't matter if the prediction proved accurate) - I like XLM and I have a few thousand dollars worth bought at a higher price. Nothing would make me happier than for the price to go up to 1USD+, but that seems unlikely in the short-term. Anyway, if you are bullish on XLM, wouldn't the goal be to have as much as possible? If so, then the price going down should be seen as a discount and a gift.
The project is solid, however, we remain in an immature speculative market - one that undervalues XLM in my opinion - so the price drop that is coming should shock or surprise.
This is posted for my own education.
These targets aren't based on any nefarious motives - just on the price action.
S1 is based on the B correction having already completed just short of the 0.5fib and is a 1:1 extension of the previous steep move (wave A).
S2 is based on the B correction being a little over half-way through and the correction reaching the 0.618 fib retracement level. It is also just a 1:1 extension of wave A. If this scenario is in play, we should see a strong move up to complete wave B (although not above the previous major swing high) before correction recommences.
Because I am probably going to be sent an unhappy message by at least one person for predicting the price of XLM is going down (as happens every time - it doesn't matter if the prediction proved accurate) - I like XLM and I have a few thousand dollars worth bought at a higher price. Nothing would make me happier than for the price to go up to 1USD+, but that seems unlikely in the short-term. Anyway, if you are bullish on XLM, wouldn't the goal be to have as much as possible? If so, then the price going down should be seen as a discount and a gift.
The project is solid, however, we remain in an immature speculative market - one that undervalues XLM in my opinion - so the price drop that is coming should shock or surprise.
This is posted for my own education.
Trade closed: target reached
Comment:
Target 1 reached only. Not sure if target 2 is still looks valid as the 1:1 extension has been met already - it will depend on BTC (and BTC looks like it is still on target for sub-$6000). I didn't trade this as I can't short XLM. Will look for a chance to go long on XLM shortly as it tends to be quite bullish and consistently outperforms the market. It BTC dips to $5900 - 6000 I will be looking to pick up XLM at around $0.19 each.