SUMMARY
Stellar Lumen (XLM) is providing a potential to capture the terminal end of a correction, which is the best time to cast an entry ladder. The chart below shows XLM having completed a five wave impulse (white). Elliott Waves states that after every five wave move, there is a requisite retracement. This corrective rerace can come as an abc zigzag, abc flat, traingle or complex combination. XLM has clearly selected the triangle motive. The abcde (red) waves are shown, each with its subwaves (white). So, what's next?
The below chart shows the next potential price move (blue line). A breakout from the triangle pattern would be quite bullish, especially given how proximal price is to the Apex; the point at which the two triangle lines intersect. Closer price is to the apex, more likely a price explosion is to occur. Target for wave 5 is $0.84 (168% profit potential). Timing would be from May to July of this year.
The MACD is also expected to curl upwards and generate a buy cross and both the 12/26 ma lines should go positive above the zero mark.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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Essay: Is Technical Analysis a Quantum Event?
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