Stellar Intermediate Term - Market Analysis for Jan 21st, 2020

This one will be short like the other bearish charts. In 2017 I was very bullish on Stellar. I recall we bottom ticked the September 2017 bottom. However, the 2018 bear brought it below long term support for wave 4, confirming an ABC top. Further, we continued lower into the recent low, giving a strong argument for five down off the 2018 high. The less bullish is the red WXY but that is not a bullish count given we are below support and failed to keep to an impulsive trend. Therefore, I am primarily looking for a corrective rally during Bitcoins corrective wave. Targetting from here, is not productive, but I will as a more clear structure forms. Once Bitcoin tops north of $100K, we should see this begin to continue lower as it reaches for $0

XLMUSD - Primary Analysis - Jan-21 0835 AM (1 day)
XLMUSD - Primary Analysis - Jan-21 0835 AM (1 day)
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.