XLM/BTC Elliot Waves Fib Retrace/Ext- Wave 1 & 2 + 5 Sub Waves
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I've been following XLM for about 12 days now and I am also learning about Elliot Waves and Fib. This is my first attempt at Charting. I think I'm doing it right but could be all hosed up and if so... I'd like to know where and why.
1. Wave 1 completed a couple days ago and Wave 2's downward trend has been developing since.
I've used the Fib retracement and it looks to have bounced up between the .5 and the .618. That Fib is located on the far LEFT of the chart but the Yellow (2) and the Arrow are towards the right of the chart.
2. I expect Wave 3 (yellow line) to be LONGER than Wave 1, although it is currently drawn as a 1:1 Measured Move.
3. The 5 Blue Sub Waves inside the main Yellow Wave 1 were tricky for me but I believe they are correct. Blue Sub Wave 2 Retracement was SMALL as stated in the Thought Bubble. The Fib Retracement for Blue Sub Wave 2 is set off to the Lower Middle/Right of the Chart. You can see the bounce at the .236 level. Since this was a small retrace I would expect Blue Sub Wave 3's retrace to be much larger.
4. The Green Box/ Rebuy Zone was set between the Fib Retracements of .50 and .618 --- I actually layered a couple of buys there and it did hit and fill overnight while I slept. There is a very long red wick dipping down though it might be hard to see on this chart. The corresponding Fib Retracement is placed way over to the far right but there is a stretched out Thought Bubble that shows where it goes:)
5. The last thing I placed was the Fib Line Extention... trying to figure out where the TOP of Main (Yellow) Wave 3 will go. My 1st click was
https://www.tradingview.com/x/JVHVgO4C/at the horizontal axis of Yellow 1 and Sub Blue 1. Second click at the top of Main (Yellow) 1 and Sub Blue 5. And, the third and final click was at the bottom of Main Yellow 2.
This gave me the Measured Move 1:1 at 0.00008530 as you will see at the top of the chart. I drew a "sell box" where I will eventually/likely layer my sells and take profits. I'll be especially stoked if this plays out as planned though I am quite okay with things going sideways as long as I can learn what I've drawn wrong or what derailed my plans to accumulate more magic internet money.
Okay... there it is... my first attempt at Charting and my first posting of a chart.
I'm all ears... whatcha' think?
1. Wave 1 completed a couple days ago and Wave 2's downward trend has been developing since.
I've used the Fib retracement and it looks to have bounced up between the .5 and the .618. That Fib is located on the far LEFT of the chart but the Yellow (2) and the Arrow are towards the right of the chart.
2. I expect Wave 3 (yellow line) to be LONGER than Wave 1, although it is currently drawn as a 1:1 Measured Move.
3. The 5 Blue Sub Waves inside the main Yellow Wave 1 were tricky for me but I believe they are correct. Blue Sub Wave 2 Retracement was SMALL as stated in the Thought Bubble. The Fib Retracement for Blue Sub Wave 2 is set off to the Lower Middle/Right of the Chart. You can see the bounce at the .236 level. Since this was a small retrace I would expect Blue Sub Wave 3's retrace to be much larger.
4. The Green Box/ Rebuy Zone was set between the Fib Retracements of .50 and .618 --- I actually layered a couple of buys there and it did hit and fill overnight while I slept. There is a very long red wick dipping down though it might be hard to see on this chart. The corresponding Fib Retracement is placed way over to the far right but there is a stretched out Thought Bubble that shows where it goes:)
5. The last thing I placed was the Fib Line Extention... trying to figure out where the TOP of Main (Yellow) Wave 3 will go. My 1st click was
This gave me the Measured Move 1:1 at 0.00008530 as you will see at the top of the chart. I drew a "sell box" where I will eventually/likely layer my sells and take profits. I'll be especially stoked if this plays out as planned though I am quite okay with things going sideways as long as I can learn what I've drawn wrong or what derailed my plans to accumulate more magic internet money.
Okay... there it is... my first attempt at Charting and my first posting of a chart.
I'm all ears... whatcha' think?
ノート
Not sure why the repeat of the picture is here... looking for an edit button.ノート
I cleaned it up a bit and only placed the Fib Trend Extention along with a Target Sell range. Not that I am particularly confident this will happen soon, but based on how I was taught, this looks right to me. I suppose it is good to put it out here so I can look back and see, later:) ノート
Well, ummm... yeah... sooooo... starting to worry now... much of my profit has disappeared but I am being stubborn and hanging on. Faith? I dunno. Not willing to give up on this yet but that could just be denial at this point. Meh. thoughts?
ノート
Took a look at the Main Wave Yellow 2 Retracement again. Originally I said above... "1. Wave 1 completed a couple days ago and Wave 2's downward trend has been developing since.
I've used the Fib retracement and it looks to have bounced up between the .5 and the .618."
After seeing XLM move sideways and down some more... it looks like the bottom of the wick on Jan 10th actually bounced up just barely above the .618 Level. (That Fib is shown on the far LEFT of the chart so you have to follow the line all the way over to the far RIGHT now to see it.
This gives me some hope that things have bottomed out now.
I am wondering if some profit taking from the last ETH run up will trickle down back into BUY orders for Alts, particularly in XLM. Hard to gauge.
I wish I had the Pro View so I could add that Volume Indicator that sets on the Far Right Vertical boundary that indicates the buyer strength at each level. oh well, maybe if this trade works out I will decide to pay for the upgrade.
ノート
Also... the NEW bottom of Main Wave Yellow 2 is now at the bottom of Jan 10 low... so the original drawing of the bottom of 2 needs adjusting, I think.ノート
damn... so this consolidation is taking longer than I thought but I still feel confident in the targets - only now it may be weeks. The variations in the corrective stage(s) still have me a bit perplexed... and I can't seem to suss it out on my own. Following a couple diff ppl with various opinions and charts on this subject... trying to watch and chart this extended corrective wave as it happens - a learning opportunity. Cheers.
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