Ed-Holmes

LTC Up trend in trouble?

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
1) Don't like the 0.618 retracement from the $32 low. This is typical of a Wave B retracement.

2) Don't like the 3 wave formation A B C

3) Don't like that Wave C = Wave A. Typical of a three wave correction.

With these points in mind, the correction for Primary wave 2 that started at the $94 high may be incomplete. Wave 2 corrections can cut very deep - all the way back to the beginning of the formation. Applying the theory of Wave A & C being typically equal - this final phase of the correction could take us to a low of around $9 before Primary wave 3 kicks off.

Take a look at the Nasdaq Composite             Index wave 2 of year 2000 as a example.
Comment: If the trend is down - Where to short? Suspect $60 - $65 zone.
Comment: The trend in LTC is still suspected to be down. Looking for confirmation -

1) Firm break of $53
2) Limited prices rises to the upside
3) A sharp sell off

Comment: Sharp up turn in LTC Need to be careful, LTC can be tricky.
Comment: Still not convinced the trend has changed from down to up. Will only change my outlook on a firm break above $65.
Suspect a correction is in the works that could terminate just above $62 before a more forceful sell-off
Comment: Suspect the upside correction ended at the $59 high. Looking for a firm break of $53.50 for further downside action and a continuation of the trend down.
Comment: $65 level broken, looking for a break of $70 to review our outlook for a trend change and retest of the all time high.
Comment: LTC looking good in the initial BTC sell-off. Still suspicious of the uptrend unless we can see a break of $70
Comment: LTC Would like to see a sustainable break above $70 for a retest of the all time high.
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