Testing/tracking elliot wave theory. Please do not trade off idea without S/L. Not financial advice.
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Update: If you take a look at the updated chart, you'll see that there are two green wicks going up; invalidating my wave count (3) being the top. What we got instead was an extended 5th wave of a smaller impulse wave on (3) which brought the above count of wave 5 sooner than expected.
Comment:
The first chart wave 3 top looked like this count. Not too often do we get extended 5th waves, I did not count it, but the second green candle is an example of an extended 5th wave.
Trade closed: target reached:
LRC has smashed through all of the resistance lines and is in a new price discovery area, we should be expecting a minor pullback or a correction before continuing further. All targets have reached way sooner than expected; only in crypto lol. If it's not out of steam, we might see it continue a bit higher. RSI and other indicators are showing that it is overbought tho so I am expecting a pullback from here.
Trade active:
Update: Either we get another leg down to the new C wave or we start a new impulse uptrend from here. The yellow wave is most likely to play out imo.
Trade active:
Update: It looks like the yellow line is the most probable outcome, I've extended it a bit further down since the wick didn't quite touch it. If we get a WXYXZ correction it should reach that retracement area. The ABC correction did play out and I've moved the light purple line to it. Either we resuming the last wave from here or after the WXYXZ. The predicted support/resistance lines are also playing out nicely.