I see the entire structure since mid-December to be an Elliott Wave and I believe it's the first two of a larger EW (with 3, 4 and 5, plus correction, to follow):
- Wave 5 reaches the height of 1.618 x the height of Waves 1+3.
- The decline of Waves 2 and 4 alternate as according to Elliott Wave theory.
- There is a regular ABC correction following the Wave 5 peak.
- Wave 2 retraces ~23.6% of Wave 1; Wave 3 extends just over 1.618 x Wave 1.
With this in mind, I project Stellar Lumens XLM hitting 1.618 x Wave 1-5, reaching finally ~9500 satoshi or ~$1.26 relatively soon.
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Full disclosure: I'm brand new to TA and have no background in analysis or finance. This is my first published chart.
As such, please don't act based upon my ideas, but please do let me know how I can improve!
- Wave 5 reaches the height of 1.618 x the height of Waves 1+3.
- The decline of Waves 2 and 4 alternate as according to Elliott Wave theory.
- There is a regular ABC correction following the Wave 5 peak.
- Wave 2 retraces ~23.6% of Wave 1; Wave 3 extends just over 1.618 x Wave 1.
With this in mind, I project Stellar Lumens XLM hitting 1.618 x Wave 1-5, reaching finally ~9500 satoshi or ~$1.26 relatively soon.
-----
Full disclosure: I'm brand new to TA and have no background in analysis or finance. This is my first published chart.
As such, please don't act based upon my ideas, but please do let me know how I can improve!