Hello Hive account@haejin.
I really enjoy your posts and I've been studying some TA in the last weeks.
I get how Elliott waves work based on the Fibonacci ratios, but I can't understand if the new cycle starts right away or if there are phases when the price struggles for some time before beginning a new cycle with an impulse. XLM, for example. Is the first yellow circle the beginning or is that just the price hitting a buy wall and recovering (with the second circle being the first impulse)?
The retracement of the first impulse after the 33 cents bottom is compatible with the theory.
Regards.