Image by RDNE Stock project via Pexels
Stellar (XLMUSD) has been trading sideways for the past eight years, which appears to represent a large-scale consolidation within a bullish ABCDE triangle pattern as part of wave IV, before a potential continuation of the broader uptrend into wave V. Such triangle structures are typically terminal corrective formations that resolve in the direction of the prevailing higher-degree trend once completed. In this context, the potential completion of wave E may be signaling the end of a prolonged consolidation phase and the early stages of a new impulsive bullish cycle.
For more analysis like this, you may want to join our live webinar today on Monday June 1st @ 14.00CET:Â
This article contains syndicated content. We have not reviewed, approved, or endorsed the content, and may receive compensation for placement of the content on this site. For more information please view the Barchart Disclosure Policy here.
/Space/Cargo%20spacecraft%20in%20low-Earth%20orbit%20by%20Paopano%20via%20Shutterstock.jpg)
