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

BITFINEX:LTCUSD   Litecoin / U.S. Dollar

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

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.
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