XLMUSD (Lumen) Stellar 05/01/18 9 p.m. EST by MMansfield.
Hi trader friends! Stellar Lumen (XLM) appears to be at or near a Wave 3 high. This should be followed by a pullback to 0.3200 area (previous Wave 4 territory) then another wave higher that could take it into the 0.60s.
REASONS:
The longer-term cycle (blue) is strong up until mid-July so there is still likely much power there.
*Two of the three Elliott Wave impulse waves tend to be similar in length. Wave 1 was tiny compared to this completing Wave 3. So, with the LT cycles up for 10-11 more weeks, it is reasonable to vote for the remaining 5th wave to look more like Wave 3 than the tiny Wave 1. Thus, another double is possible!
* The topping Wave 3 (now or soon) idea is supported by the wave structure, the dropping momentum with bearish divergence on some oscillators, and less volume on last push up = short-term weakness.
DISCLOSURE: This analysis is meant for educational purposes only. You trade at your own risk!
Michael Mansfield CIO
Trade active
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UPDATE: XLMUSD -2.76% (Lumen) Stellar -4.98% 05/01/18 9 p.m. EST by MMansfield. A buy at 0.3990 buy stop to open, with an initial stop loss at 0.2730 is a prudent trade approach at this time, and fits the forecast to a "T."
@dongrui, have a great week! We have a new ADABTC buy set up...
cryptoplayhouse
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@dongrui, XLM/USD Lumen Stellar has made the low as suggested, and now had a slight pullback, possibly a Wave 2, so buy this recent high could lead us to a nice Wave three, without large stops. MM
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