What goes straight up must come back down, and XLM is well known for that. It has arrived at first possible support but I am not confident this will hold. Am expecting one more leg down and then consolidation before next leg up.
0.07924-969 is Immediate Support, like to be pierced. 0.07625-675 would be a reasonable and average retrace. 0.07385-413 is Bulls Last Stand, scary but juicy Long entry.
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Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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Bounced from support and is now up against first resistance
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First Resistance breached Next serious resistance at .08612
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Yup, .08606-612 will be serious resistance, another fib (bule 4.382) just locked it in further
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Here is bulls' perfect opportunity to push for another leg up, with a perfect reflection off previous resistance
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Bulls unable to hold the high ground so we have come back to the "Average Retrace" zone got a little bit of a bounce, lets see if it holds. So far the bounce is NOT impressive but at least it did not cut straight through support.
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Adding a Fib (Red) of the last leg down the bounce was at a 4.236, which is a common WEP (Wave End Point). So there are good reasons for this support to hold, but I DONT think so :( But lets see.
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So as we have come to expect from XLM, a full retrace :( Looks like the "uptrend at risk" zone will be hit ...
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I guess it is possible that this red 5.236 will end this wave wishful thinking probably, but the reaction at the 4.236 was clear, and we might get a nice bounce here.