Ok,
LTCUSD
is currently in the final stages of WAVE C in a Double Ill-regular Correction. I warned about this type of move in my first post and it has come to fruition. So, the main questions is where will it end?
If we look to the first illregular correction WAVE C ended at the Fibonacci Retracement level of 2.618 or
LTCUSD
$182.98 respectively of WAVE A & B. If we apply this same method to the second illregular corrections WAVE A & B we see it is following the same pattern. The 2.618 Fibonacci Retracement level is where
LTCUSD
retraced WAVES A & B during the first correction and WAVE C ended around
LTCUSD
$182.00. What does this tell us? First, it tells us WAVE C is going to end at approx.
LTCUSD
between 184.194 (2.618 Fibonacci) & 194.00 (Fibonacci Level 1.382). Usually, these corrections are found after a complete 5 wave cycle. We did NOT have a 5 wave cycle and are in the 4th Wave position of a larger wave.
What do we need to do?
First, we need to watch the price. If
LTCUSD
breaks the Fibonacci Retracement level 2.618 we need to take a deep dive into the hourly or 30 minute chart to see if the bars or candles are staying underneath the Fibonacci Retracement level of 2.618. If the bars or candles are just breaking 2.618 and closing above then we are still concerned but not overtly concerned. Second, we need to stay calm and walk away from the computer. People can make dumb impulse moves that can cost a lot of cash for no reason. Believe in your analysis.
Third, use indicators as back-ups to see if your analysis is holding weight or not. I like to use the CCI, MACD, and TRIX. But of course there are thousands of indicators so use what works best for you.
LTCUSD
still remains bullish to me. We are definitely in an extended correction. The worst case scenario is that we get a failed 5th Wave which could happen or we could get an extended 5th Wave. If we do get a failed 5th wave make sure you have a stop-loss in place and then look for a reflex point that travels above the beginning point, count a mini 5 wave cycle and buy on the 50% or 61.8% Fibonacci Retracement levels. This would be an entry into a low-risk trade. But, hopefully we will see a strong bounce after the end of WAVE C. Euphoria is once building again and I surely expect a quick recovery. If we do not see a higher volume levels during the recovery then that could be an indication of a failed 5th Wave.
*This is for educational & analysis purposes only*
Stay thirsty my friends,
-AB
Comment:
The Turn...
The Turn...
Comment:
Looks like we are closing in on the end of the U-Turn. LTC/BTC is looking attractive here.
Comment:
Trade closed: target reached
Finally my friends, the end of the double correction! We have high volume and the wave pattern held perfectly. Expect to see a Reflex Point form from this downtrend and then we should begin the extended 5th Wave.
Stay thirsty my friends, now is the time to flip the ignition switch.
-AB