XLM May 24th - Potential Corrective Descending Triangle Spotted
Took another look at my Stellar (XLM) chart, decided to delve into the current pattern we are on as of May 24th. It appears to be a bullish, corrective, and descending triangle. I have mapped out potential range/movement within the purple triangle. It is not yet known if this triangle is 100% descending but it appears to be bullish, or continuing on a bullish trend.
We must wait a day or 2 to find out if the low of the current perceived pattern hits the purple triangle trendline, if so, we have a higher certainty that this pattern is indeed a Descending Triangle. If not, it could mean a number of things depending on where the next low hits. Regardless, it appears to be a bullish pattern.
If it is not truly descending, my next best guess is that it may still be contracting/symmetrical if the next low finishes above the flat purple resistance line, and if it goes below that, then it could be an expanding/reverse symmetrical triangle. My guess is that regardless of what triangle it is, since it is in bullish mode we could potentially expect a quick rise after the triangle completes its pattern, as shown with a green trend line. It is currently unknown what the next pattern may be, as I will need to do some more wave theory to find out where we are on a larger scale as far as longer-term trends are concerned. I assume that whatever comes after this pattern, will cause a quick jump up, met with resistance, and may start working its way down in the coming weeks. I will be working on and updating this chart for the next few weeks as we start to see more data come in. This chart is a continuation of my last XLM chart, linked as related below for reference.
I am waiting to see some death crosses on this chart that appear to be forming, and any golden crosses that occur may give us another clue in the coming weeks. I've also tried to generalize some basic elliot wave structures to come to the conclusion that the current pattern is going sideways and is less easy to pinpoint as a true elliot structure. I could be completely wrong, too. It should be noted that even though the current perceived triangle appears to be bullish, what happens after the green trend line could end up faking out the FOMO with some bear moves. We shall see!
I hope everyone is having a wonderful weekend, enjoy it :)
Thanks for tuning in :) Disclaimer, I am not responsible for any losses incurred while attempting to use my data, I hope this can prove to be some sort of learning tool for some and give insight as to how I personally come up with my own numbers. Take into full consideration this could be a completely bad forecast. Cheers
We must wait a day or 2 to find out if the low of the current perceived pattern hits the purple triangle trendline, if so, we have a higher certainty that this pattern is indeed a Descending Triangle. If not, it could mean a number of things depending on where the next low hits. Regardless, it appears to be a bullish pattern.
If it is not truly descending, my next best guess is that it may still be contracting/symmetrical if the next low finishes above the flat purple resistance line, and if it goes below that, then it could be an expanding/reverse symmetrical triangle. My guess is that regardless of what triangle it is, since it is in bullish mode we could potentially expect a quick rise after the triangle completes its pattern, as shown with a green trend line. It is currently unknown what the next pattern may be, as I will need to do some more wave theory to find out where we are on a larger scale as far as longer-term trends are concerned. I assume that whatever comes after this pattern, will cause a quick jump up, met with resistance, and may start working its way down in the coming weeks. I will be working on and updating this chart for the next few weeks as we start to see more data come in. This chart is a continuation of my last XLM chart, linked as related below for reference.
I am waiting to see some death crosses on this chart that appear to be forming, and any golden crosses that occur may give us another clue in the coming weeks. I've also tried to generalize some basic elliot wave structures to come to the conclusion that the current pattern is going sideways and is less easy to pinpoint as a true elliot structure. I could be completely wrong, too. It should be noted that even though the current perceived triangle appears to be bullish, what happens after the green trend line could end up faking out the FOMO with some bear moves. We shall see!
I hope everyone is having a wonderful weekend, enjoy it :)
Thanks for tuning in :) Disclaimer, I am not responsible for any losses incurred while attempting to use my data, I hope this can prove to be some sort of learning tool for some and give insight as to how I personally come up with my own numbers. Take into full consideration this could be a completely bad forecast. Cheers
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