nickd534
Long

Potential LTC/USD Count (04/14/18)

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
BITFINEX:LTCUSD            

This is a potential bullish count if the bottom has already been established at $109.

Some indications as to why this may be the correct count:
- We have completed a WXY correction from the all time high (wave 1) and it retraced to the 78% fib level which is normal
- RSI levels have broken the downtrend resistance and now have created an uptrend support
- Channel of Sub Wave 2 has been broken out of and closed above it
- WXY of Sub Wave 2 has not fallen lower than the $106 correction of the all time high (wave 1) showing no wave failure
- MACD bullish crossover + histogram trending upwards into the positive area

What we need to see for confirmation of this count:
- RSI continuing the uptrend above the 50 level
- MACD to continue the overlap above 0 into the positive levels
- A breakthrough above the strong yellow resistance line beginning from the $370 (all time high) point
- A break above the 180 day EMA
- Make sure the price holds above the $106 support level or we could go into a deeper correction (WXYXZ) from Wave 1

If this is the bottom of SW2 my predictions are as follows:
Target 1 ($255-$280):
According to the rules of elliott wave , W3 cannot be the shortest wave so we take a 100% extension of W1 to get a price target of roughly $255-$280

Target 2 ($346-$370):
W3 usually targets around the 161% level, so we could see a price of around $346.
If the market is bullish we can see it hit levels between 161%-178% ($346-$370)

Let me know what you think, feel free to comment and leave suggestions/tips or if i made any mistakes
Any help is welcomed
Thanks

Related Ideas

I think Elliot waves is bs
+1 Reply
nickd534 themomentum
@themomentum - Everyone has their own way of trading, personally i dont use elliott wave alone... i believe its most useful when using it in conjunction with other patterns/indicators. I think that elliott wave is one of the best ways to project certain price points. It has been proven to be extremely accurate if it is understood and used properly.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out