IS ELLIOT WAVE THEORY REAL? STELLAR LUMENS XLM

Hello Traders,

Here is the monthly chart of Stellar Lumens looking at this purely from an Elliott Wave perspective. I know little about the technical details of the protocol/token etc.

From an EW perspective price looks to be inside a bullish wave 3 with the target at the 1.618 extension.

Lets see what happens.

Note

The count for XLM so far. If it breaks the top of wave 1 its invalid.

Note

Still bullish here. Seems like a decent bounce.

Note

Lets see this progress.

Note

It seems to have played out but was expecting at least the 1 to 1 extension.

Note

Price went down to the 0.618 retrace. Lets see if this keeps going.

Note

That retrace went on for ages but I am still bullish on XLM here.

Note

Look at the monthly XLM/BTC chart

Note

Lets see If I am crazy, or not.

Note

That inverted H+S structure has become invalid as the price did not break the neckline cleanly to the upside. The daily 50MA is also acting as a resistance. Price needs to finish correcting here and make another HL to remain bullish or I think this idea is over.

Note

Its conflicting because I am bearish on a load of other alts but for some reason I think XLM will break the mould and separate from the rest of the alts . Look at my current LTC and THETA ideas for reference.

WickHunter

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

WickHunter