Has Litecoin Already Reached The Major Tipping Point?

BTCE:LTCBTC   Litecoin / Bitcoin
After Completing the Preliminary Retracement Identification Analysis on LTCBTC             it appears that it may have just completed a Double Zigzag or Double Three correction. The Count I'm looking at has the peak in December 2013 as Wave v of 3. Down from there begins either a zigzag or a complex three correction, which is followed by an x wave and then another three. Since the last three has been retraced so strongly there is a very good chance that this is the end of this complex correction. The other possibility would be that this is second x-wave, however, I think due to the size and timing of this wave that is a very unlikely scenario.

Another big thing to note is that when Aspect 1 of the Rule of Neutrality is taken into account, this is a direct hit on the Wave 4 time-fib. That is a very good indicator that this is Wave 4 and we are likely to begin Wave 5. We can only hope that it is an extension because if it is not, we most likely will get a 5th wave failure, which means it could be another couple of years before we break ATH             . If this is an extended 5th then the Moon's the Limit. To confirm a Wave 5 extension (or possibly invalidate this Wave 4 and replace it with a Wave 2) we must break 0.0225 on this Median Monthly chart. At that point Wave 3 is no longer an extension so it only leaves us with either a Wave 5 extension, or a brand new impulse.

An interesting thing to note: The Monthly AO has turned green for the first time since crossing the zero line, and the AC is also green and nearing the zero line. This could be another indication that this is the end of the downtrend.

If this is a 5th wave extension, my ultimate upside target would be 0.08. If it's a 5th wave failure it could stop anywhere from 0.015-0.0225.

Now the question many of you are probably wondering... Is Bitcoin             going to do the same thing? If I had to guess, I would say not yet. I think that Litecoin may actually be leading Bitcoin             by 2 months. It seems very likely that bitcoin             is still in Wave C of the 2nd three. The reason why is because Wave C is less than 38.2% of Wave a. That most likely indicates that we need to go down and retest 209 at a minimum before we can finally start Bitcoin's bulltrend. However, if Wave a is actually Wave w, then bitcoin             will follow Litecoin and start uptrending now. I think the ultimate confirmation for that will come very soon. If bitcoin             breaks 267 on this monthly median chart then we have most likely bottomed out.

For now, it definitely looks like LTCBTC             has bottomed out. These are very exciting times in crypto, a lot of alts are starting to look extremely bullish . Bitcoin             could be too. Future price action will confirm that for certain, but right now the entire sector looks extremely bullish in the intermediate term. This is certainly a great time to be involved in cryptocurrency.

Good Luck Traders!

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Revised count

I don't think that it is very likely that this is wave 5, although it is possible. Actually, I think that what I now have labeled as wave 5 works as a more succinct count because that wave and the last leg up are about equal in price. In both instances it follows the extension rule relatively well. In this case I think it is very likely that we are beginning a new impulsive up, with Wave 1 of (3) tending towards equality with Wave 5 of (1). I do believe that once Wave 2 completes it will be a violent explosion upwards, however, it is not 100% sure that Wave 2 is completed just yet. I believe it is very likely that Wave 2 will not complete until bitcoin completes Wave c on the monthly chart per my published BTC chart.

If what I wrote before is right and this is actually a 5th wave failure, that means LTC is about to fall into very, very low territory for at least a few years. For some reason that seems unlikely to me.
Hello! Do you have any idea for LTCBTC ratio now? Thanks.
Are you still thinking "moon" these days for LTC? Given now the consolidation seems to be ending. And is moon still about 20 USD (0.08BTC)? I guess this will depend on where BTC goes too, and maybe the LTC block halving.
Intuit rivet.popper
According to this chart, moon isn't confirmed until we close above the dashed green line. Since we closed directly below it there is a good chance that we completed a 5th wave failure which means no more moon for awhile. However, we will probably be taking another shot at breaking the confirmation line very soon. We are almost certainly near the bottom of this correction, the only thing that isn't quite as clear is where we are going from here. I am still hopeful for the moon but cautious as usual.
+1 Reply
Thanks for this. Is "moon" for you still only 20 USD? Just curious.
Intuit rivet.popper
For LTCBTC we could still go to 0.08

Not sure on LTCUSD because there is less long-term data but just on this next rise I could see it going to either 144 or 96cny
144 cny is about 22 usd. But if we go with your original idea of 0.08 LTCBTC, and BTC goes to 700 as you also predicted previously, then we've got about 56 usd. NICE!
Intuit rivet.popper
Indeed. Note that 0.08 is a longer-term target than 144cny.

144cny is the target for this next rise on the 1D-3D, whereas 0.08 is the target off of this monthly (HL/2) chart. (actual wick will go alot higher than 0.08). The latter is going to take alot longer to reach and will be followed by a much larger correction.
+1 Reply
Wow that was quite a slam today. Is that just a needed correction or is it the start of smth else?
Intuit rivet.popper
It is likely the start of a very big correction. I sold my LTC near the top right before OKC went down and price dumped. I am still waiting to buy back, although I think we may be near the bottom of the dump now. There's a good chance we get a long period of consolidation before continuing up.
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