Disclaimers first: I have a large bag of XLM - some bought at the price higher than present - and some that I bought a lot cheaper. I decided to offload my XLM that was in profit based on my reading of the chart. I am not a professional etc etc and this is posted to further my own education.
Am I bullish long-term on XLM? yes. Am I impressed with their recent progress with peer to peer money transfer? Absolutely. I am definitely not a hater of XLM. Saying that I have offloaded the in-profit XLM I hold for fiat based on;
1. Five waves are seemingly present and the wave measurements stack up,
2. There is a clear corrective pattern currently that has has a significant rally,
3. There are some clear signs of weakness,
4. I start to get worried when I see a rising wedge at the end (or seemily at the end) of a large rally.
The best explanation is that this isn't a 5th wave ending diagonal, but rather a large wedge formed in the B of the corrective ABC move. This would strongly suggest that the C wave is about to break downwards (and with decisively) shortly. Because I cannot easily count 5 waves in the larger wave (A) which I named (a), (b), (c), I would expect (C) to travel further than (A) - since wave C always has 5 waves.
I could be wrong, but seeing as I was in profit (not a common experience in the past 6 months) and the current situation looked uncertain so I chose to take profits. Happy trading.
Am I bullish long-term on XLM? yes. Am I impressed with their recent progress with peer to peer money transfer? Absolutely. I am definitely not a hater of XLM. Saying that I have offloaded the in-profit XLM I hold for fiat based on;
1. Five waves are seemingly present and the wave measurements stack up,
2. There is a clear corrective pattern currently that has has a significant rally,
3. There are some clear signs of weakness,
4. I start to get worried when I see a rising wedge at the end (or seemily at the end) of a large rally.
The best explanation is that this isn't a 5th wave ending diagonal, but rather a large wedge formed in the B of the corrective ABC move. This would strongly suggest that the C wave is about to break downwards (and with decisively) shortly. Because I cannot easily count 5 waves in the larger wave (A) which I named (a), (b), (c), I would expect (C) to travel further than (A) - since wave C always has 5 waves.
I could be wrong, but seeing as I was in profit (not a common experience in the past 6 months) and the current situation looked uncertain so I chose to take profits. Happy trading.
Nota
Also plausible, is that wave 3 was massively extended and we are actually seeing a wave (IV) correction - meaning a 5th wave is still to come. I wouldn't be disappointed at all with that scenario.Nota
Also, on the exchange and currency airing that I trade on - the little swing high that popped out the top didn't break the wave 5 top - the wave 5 top wasn't broken. So I got near the best price in this move. I sold near the top trendline of the triangle as I drew it originally. Im happy with that.Trade chiuso manualmente
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.