After completing a corrective phase LTC broke out its pennant and hit its target at around 300. After the Bitcoin dump this weekend, it could potentially be in Wave 2 of a new impulse, with the Wave 5 of the previous impulse acting as support so far. I do not have a Wave 3 target for a breakout but this weekend could have been a nice shakeout for the next leg up.
Comment
⋅
Broke out of falling wedge. Too early to call it an IH&S but tentatively one could be forming now. Invalidated if right shoulder drops further with increasing volume.
Comment
⋅
First attempt at breaking the neckline.
Comment
⋅
Revised the IH&S based on price action. Neckline broke through on good volume, 320ish measured move. Still wary of Bitcoin dragging market down but for now LTC looks good.
Comment
⋅
The Bitcoin puke has invalidated the IH&S, price action back at the trendline going back to Oct 2020 which so far has held. Cautious.