Stellar - Head and Shoulders pattern?
Good day traders,
I'm no expert and I usually don't forecast patterns, but this time I will.
XLM recently broke out of the downtrend, started an uptrend and quickly dipped back.
If it can regain momentum and reenter its uptrend $1 wouldn't be impossible.
If it doesn't manage to, it could finish the head and shoulders (see chart).
XLM currently sits on an extremely steep support line, if its broken and dips head would be completed.
Left shoulder is already formed and head reached the peak.
Anyway, I hope it'll manage to break back up, if it doesn't, ill be sure to short.
Remember, this isn't financial advice, please do make your own research first before deciding what to do.
Cheers!
I'm no expert and I usually don't forecast patterns, but this time I will.
XLM recently broke out of the downtrend, started an uptrend and quickly dipped back.
If it can regain momentum and reenter its uptrend $1 wouldn't be impossible.
If it doesn't manage to, it could finish the head and shoulders (see chart).
XLM currently sits on an extremely steep support line, if its broken and dips head would be completed.
Left shoulder is already formed and head reached the peak.
Anyway, I hope it'll manage to break back up, if it doesn't, ill be sure to short.
Remember, this isn't financial advice, please do make your own research first before deciding what to do.
Cheers!
Komen:
Contrary to my prediction, XLM held strong on its support. Getting to the end of the triangle.
My prediction will be completely invalidated if it jumps back to the uptrend.
I still won't exclude the possibility of it dropping and ending the H&S.
My prediction will be completely invalidated if it jumps back to the uptrend.
I still won't exclude the possibility of it dropping and ending the H&S.
XLM trying to get back into its Uptrend. I have obviously drawn my H&S too low.
If it breaches I think it'll go further up.
If not the head would complete itself, I guess.