What up Traders, Investors and the moonboy Louie's who don't have a cluey! Here is an update on XLM. If you followed my last analysis, I recommended a short down to $.339 which is exactly what I did and it paid off. I made some nice profits and I hope you did too if that was the decision you made. From there, I recommended a buy in the opposite direction when we completed wave 4. I opened up a long a little premature and closed it early since we went $.01 lower than I thought. No big deal, as I reopened an 84,000 Xlm long position once I was confident that the .50 fib held. I'm still long and our first target is the $.425 which is the .382 fibonacci level from our swing high of $.80 to our swing low of $.20. So far my trading plan is going as expected and I expect us to take wave 5 up to the .50 fib which is a perfect measured move of the cup and handle that we are going to break in my opinion. Not only that, using fibonacci extensions and measuring the length of wave 1, it brings us to that target! That's enough confirmation for me. Elliot wave gives us the ability to for see future targets and kind of predict retracements. Since we had such a shallow wave 2, and mean soooo shallow it tells an Elliot Trader that we will have a wave 4 to at least the .50 fib which is why I shorted at $38.5. We also broke a rising wedge and all the pieces came together. Now, I can't see the future and be right all the time, but I am very confident in this trading plan! I'm not your financial advisor nor your crutch in trading. You should all learn technical analysis basics if you want to have any success in trading. I recommend learning the tradingview indicators and learn basic patterns and if you choose to learn Elliot Wave Theory, that would definitely benefit you. If you like my content, please feel free to follow me and drop a comment or like although it's not necessary. I do this analysis because I enjoy helping people. If I'm wrong, than I would suggest that you learn yourselves. Let's make this money$$ and crush this market!! Once we hit the .50 fib, there will be a huge juicy short opportunity that I will share with you all. Good luck guys and happy trading!!
Comment:
Long position just closed 100%. 84,000 xlm bought at $34.5 and sold at $38.6. $3190 pure profit after fees. This could be an abcde pattern, where I will re open a long position once we break to the upside. So far my analysis stands.