As denoted in the previous high time frame analysis, we can expect $LTC to be in wave (C) of an ABC corrective pattern within Y of a complex WXY of a higher degree.
According to the current count WXY is composed of a 5-3-3 structure, wherein the last 3, in which we currently seem to be is currently formed by a 5-3-? structure. The last leg might turn out to be an ending diagonal.
Our current targets lie at about 46$, which is the 1:1 extension of (A) an approximately the 0.5. fib retracement of wave a of the next higher degree. This target would also correlate with channel resistance.
All three could give us some indication for a good short opportunity into wave c - probably marking the last leg in the corrective WXY correction.
Please share and comment.
According to the current count WXY is composed of a 5-3-3 structure, wherein the last 3, in which we currently seem to be is currently formed by a 5-3-? structure. The last leg might turn out to be an ending diagonal.
Our current targets lie at about 46$, which is the 1:1 extension of (A) an approximately the 0.5. fib retracement of wave a of the next higher degree. This target would also correlate with channel resistance.
All three could give us some indication for a good short opportunity into wave c - probably marking the last leg in the corrective WXY correction.
Please share and comment.
Comment:
Litecoin is doing an excellent job here with higher highs and higher lows giving us hope that we reach the target at $46. However: Low volume forces us to remain vigilant and manage our risk accordingly.