XLMUSD (Lumen) Stellar DWN2 $.0.38000 then 0.60ish
XLMUSD (Lumen) Stellar 05/01/18 9 p.m. EST by MMansfield.
Hi trader friends! Stellar Lumen (XLM) appears to be at or near a Wave 3 high. This should be followed by a pullback to 0.3200 area (previous Wave 4 territory) then another wave higher that could take it into the 0.60s.
REASONS:
Two of the three Elliott Wave impulse waves tend to be similar in length. Wave 1 was tiny compared to this completing Wave 3. So, with the LT cycles up for 10-11 more weeks, it is reasonable to vote for the remaining 5th wave to look more like Wave 3 than the tiny Wave 1. Thus, another double is possible!
The topping Wave 3 (now or soon) idea is supported by the wave structure, the dropping momentum with bearish divergence on some oscillators, and less volume on last push up = short-term weakness.
DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!
Michael Mansfield CIO
Hi trader friends! Stellar Lumen (XLM) appears to be at or near a Wave 3 high. This should be followed by a pullback to 0.3200 area (previous Wave 4 territory) then another wave higher that could take it into the 0.60s.
REASONS:
Two of the three Elliott Wave impulse waves tend to be similar in length. Wave 1 was tiny compared to this completing Wave 3. So, with the LT cycles up for 10-11 more weeks, it is reasonable to vote for the remaining 5th wave to look more like Wave 3 than the tiny Wave 1. Thus, another double is possible!
The topping Wave 3 (now or soon) idea is supported by the wave structure, the dropping momentum with bearish divergence on some oscillators, and less volume on last push up = short-term weakness.
DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!
Michael Mansfield CIO
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UPDATE: XLMUSD -2.76% (Lumen) Stellar -4.98% 05/01/18 9 p.m. EST by MMansfield.
A buy at 0.3990 buy stop to open, with an initial stop loss at 0.2730 is a prudent trade approach at this time, and fits the forecast to a "T."
A buy at 0.3990 buy stop to open, with an initial stop loss at 0.2730 is a prudent trade approach at this time, and fits the forecast to a "T."