Looking at the daily XLM chart it looks like we are receiving some mixed signals but until there is a clear brake of macro trend or clear brake of structure higher targets are still in play.
Currently looking at 3 scenarios
Scenario 1 (bearish)
IF the market as whole has already started a large correction we could be looking at a revisit of the lows by taking a simple ABC measured move from our rally high and what is currently a lower high.
Scenario 2 (bullish)
we are currently forming a reverse head and shoulders pattern on daily and if it were to brake out the reverse head and shoulders target is approximately 40% higher than the current price. We also have a local measured move potential pause in this set up approximately 19% higher where we would likely consolidate before continuing
Scenario 3 (extremely bullish) also my personal favorite
The most bullish model we can come up with is a macro ABC correction to the upside with a measured move target approximately 100% higher than the current price.
This large ABC measured move target is also aligning very nicely with a macro golden pocket retrace measuring from bull market high to bear market low.
Scenario 3 will be my personal target until we have a macro brake of trend or structure.
Trade well.....
Currently looking at 3 scenarios
Scenario 1 (bearish)
IF the market as whole has already started a large correction we could be looking at a revisit of the lows by taking a simple ABC measured move from our rally high and what is currently a lower high.
Scenario 2 (bullish)
we are currently forming a reverse head and shoulders pattern on daily and if it were to brake out the reverse head and shoulders target is approximately 40% higher than the current price. We also have a local measured move potential pause in this set up approximately 19% higher where we would likely consolidate before continuing
Scenario 3 (extremely bullish) also my personal favorite
The most bullish model we can come up with is a macro ABC correction to the upside with a measured move target approximately 100% higher than the current price.
This large ABC measured move target is also aligning very nicely with a macro golden pocket retrace measuring from bull market high to bear market low.
Scenario 3 will be my personal target until we have a macro brake of trend or structure.
Trade well.....