LTC has done a good run since the large correction.
As 5 waves were made, we are now in the abc correction. As we speak we are in the c wave of that correction.
The b wave was a pennant that broke out into wave c.
As a rule of thumb, the breakout will be as large as the pole of the pennant (here we take the pennant made by the correction waves), making around 160 dollar the target.
This is also the 61.8 % retracement of the rally, making this an interesting point to long a position.
As the Elliott wave theory tells us, when the 2nd wave is a strong correction, the 4th wave has a high probability of being a weak correction.
Also knowing that this correction could be the 2nd wave the larger picture, meaning the next wave will be the 3rd and strongest wave.
A close under the 138 could be seen as a fail and this would be a place to put a stop-loss.
As 5 waves were made, we are now in the abc correction. As we speak we are in the c wave of that correction.
The b wave was a pennant that broke out into wave c.
As a rule of thumb, the breakout will be as large as the pole of the pennant (here we take the pennant made by the correction waves), making around 160 dollar the target.
This is also the 61.8 % retracement of the rally, making this an interesting point to long a position.
As the Elliott wave theory tells us, when the 2nd wave is a strong correction, the 4th wave has a high probability of being a weak correction.
Also knowing that this correction could be the 2nd wave the larger picture, meaning the next wave will be the 3rd and strongest wave.
A close under the 138 could be seen as a fail and this would be a place to put a stop-loss.
