XLM - Minor Retrace Before BIG Breakout

XLM seems to be gearing up for its next break on the uptrend. It is holding the 0.786 fib level as support while the 8/1 line on the gib fan is current resistance. I think at the moment XLM does not have enough momentum to break through support and will retrace to the 0.786 fib level before it breaks above the 8/1 line and can turn it into support, and if it does, that will be confirmation of the start of XLM’s next move to the upside. However, If XLM has a daily candle close on or below the 0.785 fib level, I will expect more moves to the downside.


I wish you all prosperous and happy trading!!:)

Kommentera:

Ignore the 2 angle lines. I forgot to delete them

Kommentera:

hahaha I just realized I typed 'gib' instead of 'gann'

fib + gann = gib

Kommentera:

XLM is retesting testing the 0.786 fib level - so far looking good