[Music] Hello, hello, and welcome to another update video about XLM. So, XLM has also reacted here to the latest micro support region, but we haven't yet seen another breakout to the upside. This move up is obviously very extended. Um, we'll zoom

out a little bit. The idea is that this chart is very similar to the XRP chart overall, and I see the current move up as a possible third wave, which could then see a correction in a fourth wave.  Just have to double-check with regards to the support area. Yeah, it's still

unchanged. Just want to zoom in a little bit because we can move that here a little bit to the left, but pretty much in line with what many other crypto charts are doing. We have an extended third wave to the upside here, which might still be unfolding, actually, and

could then get another 4-5 pattern, either in a corrective rally in wave two, which has become less likely, or actually a larger third wave, which is pretty much also what XRP is doing.  See, the green line is the invalidation point for the white count. Um, I don't believe the white count

anymore, unless it really turns to the downside from the, let's say, 80-81 cent level. But because the chart suggests another 4-5 pattern is likely, it's not guaranteed. And if we get a 4-5, then it will likely break above that

level. So it's likely the larger third wave. We talked about that in one of the last videos, um, where I also talked about the long-term chart. In this video, though, I want to talk about the short-term only. I covered the long-term chart in

Of the videos in the last few days, it's important to understand that, um, when we look at the smaller timeframe, in the last update I shared with you that there is a micro support area between 38.4 cents and 43.3 cents. As long as it's

holding, I could see the potential for one more high here, even in this wave five. Um, oops, one second. And resistance is obviously this 80-cent mark, and it's already very extended, so I wouldn't be surprised if it breaks, but

as long as it's holding, I'm looking for higher. And I put on here a possible micro structure; maybe this wave five is unfolding as an ending diagonal, because this wave one looks a bit like a three-wave move. Then we have two...

This isn't really getting strong upside momentum yet, so there is much more work to do, um, to get this wave five completed. Alternatively, wave four might also stretch sideways as a triangle pattern. But I think it's important to understand: as long as we don't get a sustained break below that 38.4-cent

level, we can watch for higher prices in the short term. I mean, ideally, even that last swing low is holding at 41.5 cents, yeah, to keep the micro count alive. But any break below 38.4 cents will mean that most likely here, circle four is

unfolding, which would mean a larger correction, which is the same wave degree as this wave two that happened between the top in wave one in August and the early September low. So it's like a four-wave correction; that was wave four; could also

Then it might take possibly four weeks. It might not be deep, so it might only reach the 23.6 retracement because the wave two, at the time, wasn't very deep either. So the wave four might also, as I

said, be rather shallow, maybe just a sideways correction. That means, bottom line, we're very much extended to the upside. The next key resistance is at 80 cents, but actually there's another Fibonacci level just below at 70 cents. Pay attention to these

levels. I can see the potential for one more high in (what I'm calling) circle Wave 3, but because of the extended nature of the move to the upside, that is simply based on the market structures and their interpretations on the 1-hour chart, so it can be wrong.

Either way, once we get a deeper pullback, that could be another opportunity for those looking for another entry, maybe in a pullback trade. Then support will be between 39.6 cents and 23.3 cents, with additional support at 29.5

cents. But please note that this support area is still a moving support. Should the price push higher, for example, to form one more high, then this support area will have to be adjusted because this Fibonacci retracement support area for a fourth wave will be calculated based on the length of the

third wave. So that's the update about XLM. Hope you like the update! If you did, please hit the like button, leave a comment, and subscribe. And if you really like the content, then please check out the channel membership. Also, make sure that you follow us on Instagram and

Twitter for additional content. Thanks a lot for watching. Bye-bye.

XLM Elliott Wave Price Update: Understanding the Bullish and Bearish Scenarios

XLM Elliott Wave Price Update: Understanding the Bullish and Bearish Scenarios

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