Wow, was that projection accurate or what?! I don't care what anyone has to say, masterful is, hands down, the most valuable tool in all of investing. is often butchered by novices, but when it's perfected, it is undeniably accurate.
Now that we know that our pattern has materialized, we can begin to project a breakdown target. However, you must remember that you NEVER short a pattern, until the breakdown begins. That logic applies to all technical patterns. As you can see, I've taken a measurement of the structure, and subtracted that measurement from the would-be breakdown level. You can see that the price target, should the pattern correct to it's full potential, is right at the 78.6% retrace. OMG. Do you see what I mean? I've been saying for WEEKS literally, that the overall pattern here, which is the (in blue dashes) should produce a break to the downside. Now, we have a with a price projection below the lower of the . How insane is that? As you've heard me say, in many other analyses, THIS is the nature of the markets at work. It is a collection of separate structures, that replicate the whole. Charts are like puzzles. When you put the little pieces together, you begin to see the big picture.
A break below the neckline, will likely send XLM to the 618 . However, I'm not so sure it will be supportive this time. A break below that, should send XLM screaming down to test the bottom of the . On the upside, the 50% retrace, 200 (in purple,) and the 50 (in orange,) should keep attempted rallies in check.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-