Stellar XLM - Technical Analysis - Testing Impulse Wave Up - Both Bear and Bull Views

Stellar Attempts a Breakout, But WXY Correction Can Occur

We are currently in a channel possibly forming with the potential of an WXY correction occur.

XLM has retraced 0.236 thus far and I believe further correction is required. A test at the trend line support may be made and is crucial to hold, which is also near the 0.5 fib level.

If the impulse wave fails, we may see a further correction such as this.

To project short term targets, a wave correction must be finished first.

Though a bullish scenario would assume a bounce off the trend like support (0.5 fib), though I do not believe this to be possible without further correction is done.

Always be cautious, take high probability trades, plan entries and exits, stick to high reward low risk R:R setups. Good luck traders

Please consider these videos:

Lesson 1 - Bitfinex Tutorial - How to Customize and Set Up Bitfinex
Lesson 2 - Tutorial Part 2 How to Analyze Candlesticks Charts with Strategy
Lesson 3- Let's learn Moving Averages
Lesson 4- Let's Learn Relative Strength Index RSI with Advanced Strategy
Lesson 5 Let's Learn MACD and Histogram
Lesson 6 Let's Learn Margin Trading Long, Short, Leveraging
Lesson 7 Let's Learn Basic Risk Management
Lesson 8 Let's Learn Fibonacci Retracement Part 1
Lesson 9 Let's Learn Fibonacci Extension Part 2
Lesson 10 Quick Intro to Analyzing Level 2
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