LiteCoin (LTC): Proximity to Apex Might Be Too Far
SUMMARY
Litecoin(LTC) also is in a downward wedge pattern, very much like Bitcoin. However, the Elliott Waves are shown as an ABC Flat with the subwaves of the C approaching completion. Price has well obeyed the triangle upper and lower boundaries.
The Apex, as the wedg boundaries are currently drawn, shows intersection at around February 24th or so. Price is currently about 17 days out and that proximity is a bit far. It would be more ideal for less than a 10 day gap or at about where the red line tags the lower white boundary for wave (v) of C. Why would this be more ideal? It's because the closer proximity to the Apex allows a more thorough cleanout of sellers. The last remaining weak hands, the ones who soon won't be able to "take it anymore" and likely panic sell at the next bull wick. Recall that Bull Wicks usually occur more than once as price approaches the Apex closer and closer. Thus, wave (v) could result in yet another bull wick where price will once again pierce the lower line to cause the final remnants of the would be sellers to release their desperate clutch and panic sell their Litecoins to ready buyers!
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
Haejin님 고맙습니다^^
위 아래 위 아래 아래 아래 ㅎㅎ~~ 즐거운 하루되셔요~
I wish you MASSIVE profits!
감사합니다^^♡
litecoin to 1000 dollars soon
I also believe the same. Although it is likely going to take a fair while yet.
I believe within this year is highly probable!
i think it is possible!! kinda wish I never sold as many litecoin as I did but I kept a small bag just incase it decides to head for the moon.
I’m bearish yet. I believe we need continue the recoverage moviment and cancel last low pivots.
Come on!!!
It may be down for now but it will come back with vengeance. Hodl tight!
I'm pretty sure it will recover soon. Great article, thanks for sharing!
I don't see all corrective structure as a triangle, but final forecast looks the same :)
Nice chart. The $70 target would suffice for a lower low and correction bottom. I believe LTC will turn on the dime, correlated with BTC
Thanks for the tip @haejin
well really helpful your tutorials are full of info thanks mate great job keep doing this
Best post
thanks for sharing.. though I'm nto sure of a correction at point since LTC alrady took a good beating.