As mention previously, it appears that LTC is leader in this bull market. I've also noted that we've made a 3rd wave up, which hit a 1.618 fib extension.
We have one leg up to 65 or possibly 67, then I would expect a 4th wave down to $51. Now, if we can hold above 51, the .382 fib level and this channel, there is a high probability we can see a fifth wave going...
As mention previously, I like to see my EW count hold true, but breaking 127 would give an indication of a bearish down trend to the 121-118. But keep in mind, an ascending triangle could potentially be forming as well.
The bearish scenario would be that 118 does not hold and we'll have to see what happens from there.
I still believe that we are in the 5th wave up as we did not break past my invalidation zone at 127. Moreover, there is a possible chance that a 3rd wave up is coming, but we do need to break the purple resistance lines.
LTC is actually the leader of the bull run. If LTC hits a 1.168 extension at $61, I would expect a 4th wave down to the 49-48 levels, which I would consider very strong support in my opinion. If this were to hold, we can expect a the 5th wave to hit the 80 ranges.
Again, we if do break that channel then I expect the 40 to be the last support for the 4th wave...
It seems we bounced off the support level at 127. At the moment, we've finished the 3rd wave of the 1st wave up. The 4th wave will probably touch around 136 and we see another leg up to 147-149 ish.
Happy trading peeps!
As of now, I definitely think that we hit 4th wave down before the 5th wave up. We just bounced off my invalidation zone around $127ish. However, if we do not hold 127, I can see the next support to be around the 121-119 ranges and would assume the probability of an ascending triangle.
Also, everyone has their own counts, and I'm always OPEN minded to see their...
In my opinion, we are almost finished the B wave down before the C wave up to complete the B structure of the ABC retracement.
As mention previously, two possible short term long targets are the .786 and 1:1 extension regions before the next 5 waves down to complete the C wave down.
ETH still looks bullish to me IMO as we still have the 200 EMA as support. From what I can see, we have two possible scenarios:
1) we are making a C wave up to complete our B wave before the C wave down of the entire ABC structure.
2) We've completed our ABC and we are in the midst of the third wave up.
LTC looking nice for a potential short. Ideal short entry would be between 51-50 ranges and I would expect a further retracement to the 43-41 ranges.
41 would be a very strong support, however, if we do break $41, I believe we're going to break down heavily.
Happy trading peeps.
As mention previously, the 4th wave would probably retrace to either 150 or the 138-135, which make great profit taking targets as well!
Since we had such a quick and sharp retracement, I believe that we'll correct to the 130 zone, however a more bullish scenario is that we bounce right back into our channel that've we created previously.
Another update just because ETH has the prettiest pattern right now. As mention before I would like the 4th wave to retrace around the 138-135 ranges, but since we have this nice channel going, we could retrace the 150 ranges and the 55 EMA would act as strong support.
If you're in a short those price ranges would be an ideal profit taking targets.
Hopefully no one was in a short, as we broke out of this ascending triangle. I expect the 5th wave of the larger 3rd wave to end at the 167-168 and expect a retracement to the 138-135 ranges.
Happy trading peeps.