The analysis focuses on XLMUSD, noting it has formed only three waves up from the September swing low. The speaker questions whether a fifth wave is still possible, but notes five waves aren't technically necessary for the market to go higher. The problem is the lack of confirmation. Support remains relevant around 0.34 to 0.38 cents, with no critical support levels broken. The price is stuck below resistance but holding above initial support. The analyst suggests ideally, the price should get above the recent high of 0.413 cents to confirm a breakout. The micro support area for an internal pullback is between 0.37 and 0.387 cents. If a fifth wave materializes, it should follow an ABC structure, targeting at least the 0.618 Fib level around 0.4229 cents, possibly reaching the 0.786 Fib level around 0.4359 cents.