XLM Elliott Waves

BITTREX:XLMBTC   Lumen / Bitcoin
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.


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!
why would you start your wave 1 at the end of december? There was months of bullish action before that.
FitFingers whoisthelorax
@whoisthelorax, I can't see a clearly defined wave before the end of December. It seems to oscillate between 250-1000 satoshis up until December, then climbs over the month, but I can't see it as an Elliott Wave formation, that's all :)
Good analysis, holding thru so far.
FitFingers k.owenmail51900
@k.owenmail51900, Thanks! :)
Hey, seems like it has not broken the resistance line completely. No confirmation at least and going down a bit. Maybe a bit longer than expected but it will moon for sure, don't you think? Thanks for sharing btw. Keep an eye on IOTA, seems promising in 10days aprox.
FitFingers Tonyythree
@Tonyythree, you're right, it could still head south. I am however bullish, judging from the 4h and 1D charts both have bullish tweezers right at the apex of where we are just bouncing now. Fingers crossed! But yes, Stellar will moon for sure. Awesome tech and team behind it, it's a matter of time only. Thanks for the feedback and the IOTA tip - though I only have dust right now!
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