Litecoin (LTC) Recovering lost Fibonacci Zones with Ease!

SUMMARY

Litecoin (LTC) had placed a solid impulse motive of five waves (blue) and this was the breakout move from the bullish downward pointing wedge. A full Elliott Wave fractal consists of eight waves; five impulse and three retrace. The red ABC waves in the below chart marks the potential corrective pathway. The key question is as to whether wave C is complete and often subwave counting provides the best indication.

The corrective count shows a ZigZag in progress where red A consists of five waves down (white); B is followed with three abc (blue). The final C wave always has five and thus far, give the v-neck type of turn in progress; a tentative wave 5 of C bottom can be labeled. If this bounce turns into a trend reversal and a higher degree of trend wave 3 up; then that'll be confirmed at around $202 or so. That'll be the point at which any wave 4 would overlap with wave 1 and that's not allowed. So, this means that as price approaches $202; there is less and less likelihood that the current rise is wave 4 of C.

The Fibonacci retracement precision hit at 0.618 level which was at $159.22. It is interesting how quickly and easily LTC passed through the 0.5 zone in the current bounce. This is indicative of stronger than expected buying in progress. If the 0.38 level is also easily taken down; even a better sign!

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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?

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