Stellar has a 100% growth potential from current price. Everything is pointing towards it. I expect a cup and handle formation followed by the big run up. What are your thoughts?
My thoughts are... why do you expect a cup and handle formation ... and why do you expect it to be followed up by the big run up. What does the big run up mean? From what levels to what levels and in what time frame?
How did you come to formulate this opinion?
These are my thoughts.
Not kidding or being and ass. Honestly. These are my thoughts.
Doktav
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@ABear, i concur with his questions... just trying to understand how you came up with this analysis
AbdorhmanThi
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@Doktav, @ABear it is fine to ask questions. This is common pattern in crypto. Check one of my TRX chart for example.
After XLM had a huge climb, it went into a correction phase. This always happen in any market. During the correction phase you look for signs/signals if a run will continue. If there are any, you look for the probable pathways it will take.
Currently, at the ATH, we saw a quick sell off. After that we got a base/support developed between 3-5k sat. Within that correction phase a descending triangle formed in an ABCDE correction. That gave us the breakout we saw today. If we run up to retest ATH again (6.4k sat) in the manner I am expecting. Then a cup and handle is what I'm expecting. At the retest of ATH the cup is done, we look for the handle. The handle usually falls back into 38.2-61.8 fib level. Which is usually a new support level (4.4-5k sat in this example) The extended target is the height of the cup, from base to tip. Hope that helps.
AbdorhmanThi
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@Doktav, @ABear EOS current run is a Cup and Handle as well. If you want me to point it out for you I can make a post. Also, I am looking for the handle to form on the 15 min time frame. In terms of when the trade will be completed. I don't know. I trade based on price and what is given. Time isn't a variable I use.
Sparkinflint
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@ABear, it looks like he's using resistance and support to draw Elliot waves. The current uptrend can be seen as wave 1, which he estimates to stop at the current ATH (resistance). After wave 2, wave 3 is normally expected to being the biggest wave. I don't know how he came up with the end of wave 3.
How did you come to formulate this opinion?
These are my thoughts.
Not kidding or being and ass. Honestly. These are my thoughts.