XLM Is Breaking Out of Major Channel (Elliott Wave Forecast)
Stellar Lumens have broken out of two major channels, confirming wave-e and the first stage of wave-(c). If wave-(c) continues to get retraced faster than it was formed, we could likely be beginning another parabolic rise which would take us to all time highs next month. It's also possible that this moves a little slower and forms a wave-(d) or a wave-B of a higher degree. However, at the rate this has moved so far, it feels comparable to previous parabolic rises that I've traded, so I would not be extremely surprised if we continue moving at about the rate at which we have been which would lead to this going parabolic over the next month.
At the moment cryptocurrency seems to be stuck in this perfect positive feedback loop which could very likely lead to a market-wide parabolic move over the next month. We can be fairly certain wave-(c) has ended based on time, price, and channeling rules, structurally we can't be exactly sure if this is the end of the higher degree pattern but it doesn't matter right now because it's still bullish in either case. We've had price action that is stronger than any price action we've had since Jan 2018. The news is improving significantly and getting better every day. There's still plenty of time and bullish momentum left on the higher timeframes. We've retested the channel and harmonic resistance-turned-support and support seems to be holding. All things considered there's really not much reason to be bearish here and virtually every reason to be bullish. This feels very similar to early 2017 right before things went parabolic. Also we'll likely see more than one parabolic move if that is the route that this ends up taking again because that would be the beginning of a larger degree advance.
At the moment cryptocurrency seems to be stuck in this perfect positive feedback loop which could very likely lead to a market-wide parabolic move over the next month. We can be fairly certain wave-(c) has ended based on time, price, and channeling rules, structurally we can't be exactly sure if this is the end of the higher degree pattern but it doesn't matter right now because it's still bullish in either case. We've had price action that is stronger than any price action we've had since Jan 2018. The news is improving significantly and getting better every day. There's still plenty of time and bullish momentum left on the higher timeframes. We've retested the channel and harmonic resistance-turned-support and support seems to be holding. All things considered there's really not much reason to be bearish here and virtually every reason to be bullish. This feels very similar to early 2017 right before things went parabolic. Also we'll likely see more than one parabolic move if that is the route that this ends up taking again because that would be the beginning of a larger degree advance.
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