In most cases, these patterns result in a reversal of the pattern. Here's what I'm seeing from LTC. I'm planning to sell in the yellow circle area and wait to see what happens from there. If it breaks and closes upward, I'll buy back into position depending on indicators, etc. If not, you can expect it to drop to the 150 range. This drop is measured by the beginning of the wedge.
I'm new to TA and am using this as practice. If you are experienced and have any advice or suggestions, please let me know.
I'm new to TA and am using this as practice. If you are experienced and have any advice or suggestions, please let me know.
Comment:
I noticed my line wasn't drawn correctly. It has just touched the bottom of the trend line. I moved the trend to the bottom of the wick of D wave
Trade active:
Comment:
Additionally, 4h and 1h Stoch RSI are showing oversold, which makes me more confident that it will complete E wave before moving downward. Again, this could also break upward through top of wedge, or even downward earlier than expected.