In this video I 1st show you a very clean / text book BUTTERFLY pattern which is currently doing very well. I use market symmetry to try and work out where price might get to before turning around.
When I did that it looked like price might be heading up to the 78.6% fib level which also happens to be almost exactly the XA leg of the bullish BUTTERFLY.
Then I project a little bit, and I use 78.6% as B in what seems to be a newly forming BUTTERFLY. In the video I suggest where C might form up and if it does where price could go, hint 1.272 / 1.681 ext.
I will update if / when C actually forms up, at that point we can start to look at entry, stop etc.
When I did that it looked like price might be heading up to the 78.6% fib level which also happens to be almost exactly the XA leg of the bullish BUTTERFLY.
Then I project a little bit, and I use 78.6% as B in what seems to be a newly forming BUTTERFLY. In the video I suggest where C might form up and if it does where price could go, hint 1.272 / 1.681 ext.
I will update if / when C actually forms up, at that point we can start to look at entry, stop etc.
Note
Its possible that XLM is making B at 61.8 (also R3 weekly with missed central pivot below) if that's the case C would be either central pivot or it might go a little lower e.g. to .236 fib level. If those two things play out then CD leg will end at 78.6% fib level to complete a Gartley. Lets see what this week brings.
Note
looks like B is going to be the 61.8 fib level which means C will be somewhere around 0.236 fib level. assuming it gets there i will look for an oppertuntiy to trade the C D leg up to 78.6
Note
it looks like price has FINALLYYYYYYY found B, this time at 78.6 and is now heading down to what CI will update once I figure out where C is likely to be.
Good news for all the LUMEN heads out there :D
Note
move down to C continues :D
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.