![](https://steemitimages.com/DQmWYwrAwVfdYmaMNtpmjPtbgZZ5FjdwYUdy2kAsV6AWEQH/image.png)

<h2> Stellar Attempts a Breakout, But WXY Correction Can Occur</h2>

https://youtu.be/O7GmPclACOU

We are currently in a channel possibly forming with the potential of an WXY correction occur. 

![](https://steemitimages.com/DQmPpxfpK2UtMWEj8ishLCit6CJYqEJfeJdXizRogdrQNGm/image.png)

XLM has retraced 0.236 thus far and I believe further correction is required. A test at the trend line support may be made and is crucial to hold, which is also near the 0.5 fib level.

![](https://steemitimages.com/DQmYzn5y6V6hzcGWcGrLu8NKqYvy2dB11SDSYM1YPr18UHL/image.png)

If the impulse wave fails, we may see a further correction such as this. ![](https://steemitimages.com/DQmRusQGQa8KsAcTPtcvTrKueiEwzpgDGb94tXXKF5go93D/image.png)

To project short term targets, a wave correction must be finished first.

Though a bullish scenario would assume a bounce off the trend like support (0.5 fib), though I do not believe this to be possible without further correction is done.

![](https://steemitimages.com/DQmVNxpRQRgG9c2GoUzyzxcPQSZtNZWfu6RoKEp89zNxixr/image.png)
<h2>Always be cautious, take high probability trades, plan entries and exits, stick to high reward low risk R:R setups. Good luck traders</h2>

Please consider these videos:

[Lesson 1 - Bitfinex Tutorial - How to Customize and Set Up Bitfinex](https://steemit.com/bitfinex/@philakonecrypto/bitfinex-how-to-customer-and-set-up-bitfinex)
[Lesson 2 - Tutorial Part 2 How to Analyze Candlesticks Charts with Strategy](https://steemit.com/reading/@philakonecrypto/tutorial-part-2-how-to-analyze-candlesticks-charts-with-strategy)
[Lesson 3- Let's learn Moving Averages](https://steemit.com/trading/@philakonecrypto/video-tutorial-series-to-help-beginners-let-s-learn-moving-averages-like-a-boss)
[Lesson 4- Let's Learn Relative Strength Index RSI with Advanced Strategy](https://steemit.com/bitcoin/@philakonecrypto/tutorial-series-video-4-let-s-learn-relative-strength-index-rsi-with-advanced-strategy)
[Lesson 5 Let's Learn MACD and Histogram](https://steemit.com/bitcoin/@philakonecrypto/tutorial-part-5-let-s-learn-macd-and-historgram)
[Lesson 6 Let's Learn Margin Trading Long, Short, Leveraging](https://steemit.com/bitcoin/@philakonecrypto/tutorial-part-6-let-s-learn-margin-trading-long-short-leveraging)
[Lesson 7 Let's Learn Basic Risk Management](https://steemit.com/bitcoin/@philakonecrypto/tutorial-part-7-let-s-learn-basic-risk-management)
[Lesson 8 Let's Learn Fibonacci Retracement Part 1](https://steemit.com/bitcoin/@philakonecrypto/tutorial-part-8-let-s-learn-fibonacci-retracement-part-1)
[Lesson 9 Let's Learn Fibonacci Extension Part 2](https://steemit.com/bitcoin/@philakonecrypto/tutorial-part-9-let-s-learn-fibonacci-extension-part-2)
[Lesson 10 Quick Intro to Analyzing Level 2](https://steemit.com/bitcoin/@philakonecrypto/tutorial-part-10-quick-intro-to-analyzing-level-2)
[Lesson 11 Introduction to Laddering](https://steemit.com/bitcoin/@philakonecrypto/tutorial-part-10-introduction-to-laddering)

Twitter - https://twitter.com/PhilakoneCrypto
https://www.youtube.com/user/philakone1

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The ultimate goal is to help the crypto community because I think there's a lack of these type of videos. I want to share everything I've learned because knowledge is only power if passed on. These are educational videos intended to teach how to think through thought-out rationalization.

DISCLAIMER:

Legal stuff here. I'm not financial advisor. This is just my opinion that I'm sharing with the community. All information is for yours to process how you wish.