$DR - I see 3 scenarios (2 bullish, 1 bearish) based on Elliott Wave Theory. If you're bullish, stop loss at $13.50. Scenario shown is what I believe is most likely. Reason being, the EMAs have crossed over 55.
Further to this pattern, the weekly charts printed a bullish morning star reversal pattern (with a beautiful dragonfly doji). We should be heading up from here, barring any major news that would disrupt this pattern.
Been watching this since mid-August and Stellar has been playing out exactly as expected (totally a textbook Wyckoff accumulation phase). Get ready for the run up from here into December and early next year. Can't call the top because we need more data. Happy trading!
Looks like Stellar is about to go for a landing on the ground. We broke a multi-day support and currently retesting the resistance. We'll know for sure by end of day today whether we'll be going south. Based on pattern analysis, we can go down to $0.08, maybe stop before that if the bulls step in. Using Fib, we could get an early stop at $0.14 - or at least a...
The left shoulder formation is a wreak, which tells us that the bears are not fully in control of the situation. Take care trading this one and remember to use stop losses to protect your capital!
This is just an idea - remember to #DYOR
This is a standard Elliott Wave Scenario for the bulls. Assuming we are finishing the Wave 2, we will be starting Wave 3 very soon. I've used typical lengths and retracements, so this can change, but the direction is upwards from here based on what I see. A RETRACE BELOW THE START OF WAVE 1 WOULD INVALIDATE THIS BULLISH SCENARIO.
The risk to reward ratio is...
Assuming ABC correction, looking at a retest of the support at $450. Wave C is still pending. A break above what I've labelled as Wave A would invalidate this count. Also, be ware of bull traps, B waves can go a little past Wave A and still allow for a Wave C downwards (also known as a flat correction).
When I say tiny, I really mean TINY. Fifth waves are tricky to play and don't always pan out as expected. Sometimes it's best to sit back and watch the show. Correction waves come afterwards anyway and provide good entries.
Canopy Growth is fully into correct zone (watching to see what kind of correction we get). Now that dates for legalization are out - we are in a downtrend until something new comes up that changes the trend. Any moves up need to be made with caution. Good shorting opportunity for the next month or two I'd say. I'll be watching for good opportunity to short the up...
We're falling fast out of a Wave B. We'll see stops at the areas highlighted. These areas are where the market will most likely hesitate and possibly start an upwards trend. It's anyone's guess as to which level will be the true bottom. I don't foresee going below Target 3 before a strong bounce (correction or impulse wave upwards).
XRP is consolidating this morning. Hoping for one more move to around $0.78. There's a tiny bull flag forming, if we can break up that'll be the end of this bull run as we are on wave 5. Then we're onto correction waves.