mk_trader

LTCEUR V shaped correction of full ABC down wave?

COINBASE:LTCEUR   LTC/EUR
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LTC had done very nicely in past few days, hats down! Congratulation to everyone who entered long few days ago!

Patience is the key. We must wait for pointers in this situation. Price movement is showing complete wave 3, for those waiting the opportunity to go long, I will watch closely 315 EUR level as this 0.382 Fib from last down move from 349 to 260, It should be noted that after initial surge, price bounced of 315 EUR level twice, so this makes this level a little bit more interesting to watch for.

Question is whether price will reveal V shaped correction, and we are going straight up, or we could expect full A-B-C retracement wave. If level of 315 EUR will be strongly broken upwards, then this is confirmation of next bullish move and V correction. On the other hand, movement toward 260 EUR is sign of possible leg C. Moreover, move towards 260 will form double top which is pointer price will possibly go lower.

Chart has some levels outlined. Ranges 386-423 and 487-521 are possible take profit targets measured from both current low at 260 and possible extension of leg C. Levels to watch for in scenario of down movement are 260 (0.382 of latest up move) and 247 (0.382 of whole structure).

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