Impossible to miss the ginormous W shaping up. After multiple failing attempts to map a harmonic pattern to it, the bearish crab looks like a potential match.
Provided we just completed wave 3/5 of that uptrend leg, we could expect wave 5 to take us higher after a bit of consolidation. A price of $60 would put us in the perfect spot for a bearish crab formation.
We could then expect a retrace to the center peak of the W (TP1 : $43) or the bottom of the first leg (TP 2: $32.5)
For now, observing where this leg up takes us to.
Provided we just completed wave 3/5 of that uptrend leg, we could expect wave 5 to take us higher after a bit of consolidation. A price of $60 would put us in the perfect spot for a bearish crab formation.
We could then expect a retrace to the center peak of the W (TP1 : $43) or the bottom of the first leg (TP 2: $32.5)
For now, observing where this leg up takes us to.
Comment:
Even though the crab didn't complete as expected. the pullback reached TP1 range. Closing this idea as I am skeptical about LTC going further down in the immediate, although this is still a possibility.
A shooting star appeared, which initially led me to believe this could have been a premature end of the road for Chikun. But this is a two line shooting star. According to Bulkowski, that type of star is rather bullish and may be a sign of trend continuation.
In any case, the chart starts showing signs of exhaustion, and we're getting close to a reversal