Hi there. As we previously discussed XLM was having the ABC correction and the recent indicators tell us that the reversal is incoming since we had the double tap on the previous C wave target. Please you can check our previous update by clicking here.
Let's check out the 4 Hours Time Frame
After the Corrective Action of C Wave XLM touched $0.099 where we expected $0.068 which was a successful prediction. Moving from subject level to $0.12 gives us the Elliot Wave 1 form.
We all know the correction takes place after Wave 1. The short-term expectation for XLM is to touch the $0.11 level and then move towards $0.22 levels with the Wave 3 and the Wave 5 structures.
Please also keep in mind that, like XRP, the XLM is also having a downtrend in the monthly indicators such as Wave trend and RSI. Therefore, an analyze should be in place for monthly charts as soon as XLM hits $0.22 with this impulsive wave.
Summary
In short term, XLM is expected to pull back to $0.11 levels with Wave 2 and then proceed to $0.22 with the impulsive waves of 3 and 5.