LTC hit the 50% retrace of its big move. Looks like the 5th wave of an elliot wave is inbound now. These are generally the same as the first wave up.
Fifth Waves (Wave 5)
Fifth waves tend to be less dynamic and display slower speed of price change than the previous waves. It will usually be accompanied by lesser volume and breadth.
Of course, if the fifth wave is the extended wave, this will not be the case in terms of price change. In advancing fifth waves, optimism is extremely high despite a narrowing of breadth. However, the fifth wave of an extended fifth will lack the change of the previous waves and give clues about a change in direction.
Im watching for price to head back to 360 range. Need to watch from there to see if FOMO or news drives it further or it starts a consolidation.
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I think 360 is first realistic target as there were likely a large number of buyers that tried to pick the bottom of the retrace from 400+ and have been holding bags.
Hey there.
Thanks for sharing your expertise here :)
It seems the 3rd wave was the extended wave in this run.... do you feel there is a chance that wave 5 will also extend? Does that happen?
DVemer
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@DVemer, I got stopped out... the energy seems to be over at BTC : )
Thanks for sharing your expertise here :)
It seems the 3rd wave was the extended wave in this run.... do you feel there is a chance that wave 5 will also extend? Does that happen?