PART#2 WHERE WE ARE AND WHERE WE MIGHT BE GOING !!!
What's up traders, investors, trolls and delusional moon boyz !! Here is part 2 of XLM's analysis.
Now, I've been going back and forth on this count and after checking everything again I'm confident that I got it right.
Even if I fudged the 5th wave, it wouldn't matter. We either did an ABC zigzag already or we only did 5 waves down with a (B)
and (C)wave to go. Bottom line, is that we finished 5 waves which is either a wave (1) of (3) or an (A) wave of a (C) wave in the middle of a correction
to the upside. If you want to see the count from $.025, you can see my last analysis. No, we did not just finish a wave 4, so forget it. I will say this though. You can't measure waves on a log scale or do your elliot wave count on a log scale. It will mess you up bigtime. Ever try measuring a wave on a log scale here on tradingview? A quick way is to use the trend line tool and then drag your measurement. Well on a log scale, you will notice that when you drag your measurement, the line that you measured will shrink as price increases. You simply can't measure say XLM for example. $.0004 to ATH's on a log scale and then take those percentages and extend them to the next wave and say XLM will be $55. It doesn't work that way. Now on a Linear scale, doubling that measurement or wave will simply double the price one time over. You can't go on a calculator and say, hmm Xlm went up 50,000% back in 2017. Now its $.65 and were in a bull market. It's going to go up 50,000 percent from here. That is what some delusional trading viewer's are doing.
You guy's need to stop already and learn how market cycles work. Stop giving false hope to newcomers who really don't know much that get caught
buying at the top because you said we were going to $55 with no logical analysis or even a realistic intermediate target. Get a clue people!
Now, enough of my rant and back to XLM! As I said in my last analysis, I was fortunate to sell all my XLM when we broke out of that nasty ascending wedge with 60% gains when it was said and done. My first target was $.48. When we cut through that , I realized our measured move would follow through to around $.30. I loaded up on XLM, dollar cost averaging and gained 9,000 XLM on top of what I had while keeping some profit. I hope you guys did too. SO I'm long right now with my first target at the .50 fibonacci level which is around $.53. Once and if we hit that area, algo's will be selling. We will take some profit and see what happens. No, were not going to the moon, at least not now. I'll tell you why. Would you look at the pathetic volume. Only 108 million on a 4 hour when we hit $.29. Pathetic. The only reason the volume might be low is because traders are a little confused right now due to the tricky waves we had. The next candle had 205 million which was good but then fizzled out.
We are on a journey together and we won't make decisions until we get confirmation, which is why I will always let you guys know our scenario's. If this happens, we buy, if that happens we sell. You don't just assume we will stop at the .50 and go down. What you do is you raise your stop loss and take profit and see what happens. Trading, unfortunately is a big waiting game. Always wait for confirmation. You don't just guess and make stupid calls that are so unrealistic that some of these moron's do here on tradingview. You have to walk before you can run! As I get more information, part 3 will be out soon.
Later guys and happy trading!!
What's up traders, investors, trolls and delusional moon boyz !! Here is part 2 of XLM's analysis.
Now, I've been going back and forth on this count and after checking everything again I'm confident that I got it right.
Even if I fudged the 5th wave, it wouldn't matter. We either did an ABC zigzag already or we only did 5 waves down with a (B)
and (C)wave to go. Bottom line, is that we finished 5 waves which is either a wave (1) of (3) or an (A) wave of a (C) wave in the middle of a correction
to the upside. If you want to see the count from $.025, you can see my last analysis. No, we did not just finish a wave 4, so forget it. I will say this though. You can't measure waves on a log scale or do your elliot wave count on a log scale. It will mess you up bigtime. Ever try measuring a wave on a log scale here on tradingview? A quick way is to use the trend line tool and then drag your measurement. Well on a log scale, you will notice that when you drag your measurement, the line that you measured will shrink as price increases. You simply can't measure say XLM for example. $.0004 to ATH's on a log scale and then take those percentages and extend them to the next wave and say XLM will be $55. It doesn't work that way. Now on a Linear scale, doubling that measurement or wave will simply double the price one time over. You can't go on a calculator and say, hmm Xlm went up 50,000% back in 2017. Now its $.65 and were in a bull market. It's going to go up 50,000 percent from here. That is what some delusional trading viewer's are doing.
You guy's need to stop already and learn how market cycles work. Stop giving false hope to newcomers who really don't know much that get caught
buying at the top because you said we were going to $55 with no logical analysis or even a realistic intermediate target. Get a clue people!
Now, enough of my rant and back to XLM! As I said in my last analysis, I was fortunate to sell all my XLM when we broke out of that nasty ascending wedge with 60% gains when it was said and done. My first target was $.48. When we cut through that , I realized our measured move would follow through to around $.30. I loaded up on XLM, dollar cost averaging and gained 9,000 XLM on top of what I had while keeping some profit. I hope you guys did too. SO I'm long right now with my first target at the .50 fibonacci level which is around $.53. Once and if we hit that area, algo's will be selling. We will take some profit and see what happens. No, were not going to the moon, at least not now. I'll tell you why. Would you look at the pathetic volume. Only 108 million on a 4 hour when we hit $.29. Pathetic. The only reason the volume might be low is because traders are a little confused right now due to the tricky waves we had. The next candle had 205 million which was good but then fizzled out.
We are on a journey together and we won't make decisions until we get confirmation, which is why I will always let you guys know our scenario's. If this happens, we buy, if that happens we sell. You don't just assume we will stop at the .50 and go down. What you do is you raise your stop loss and take profit and see what happens. Trading, unfortunately is a big waiting game. Always wait for confirmation. You don't just guess and make stupid calls that are so unrealistic that some of these moron's do here on tradingview. You have to walk before you can run! As I get more information, part 3 will be out soon.
Later guys and happy trading!!
Comment:
I’m watching to see if $.37 holds which is most likely a b wave. Others are calling this a wave 5 and that we are still in the C wave down. So far my analysis is in tact. I will let you know soon if we are in a wave 5.
Comment:
If you gobbled up Xlm around $.30 or your just holding you should pay attention to the $.36-.37 area which is the .50 area from our swing low of $27.4 to our swing high of $.47. B waves go to the .5 fib 80% of the time during a correction. If that breaks with conviction or .618 breaks, it will confirm lower prices with us possibly in a wave 5 of the last c wave of my analysis. I’m open to the possibilities as this has been a tricky count. As I get more information I will update you guys. A break above $.42 confirms my original analysis that this is an abc to the upside of $.53 or higher. I will always do my best to keep u guys informed as I get more info.