Scary LTC:Price drop possibility upto 165$-125$ range by Jan end
LTC seems to be under huge correction mode. It seems it is in Wave 4 phase of Elliot Wave and appears to be moving in a diagonal triangle where its forming a 5-3-5-3-5 triangle.
We should be currently in leg C of Wave 4.
The Fibonacci levels in the chart are showing the retracement levels for each of the legs A and B already finished and anticipated to work for legs C, D and E as shown above. To write this in words, I would say:
Leg A suffered resistance at Fib 38.2 and ended at Fib 50 acting as support for next leg B.
Leg B suffered resistance at 38.2 again and gave way for leg C to start downward journey.
As per my anticipation of future behaviour for LTC (I have drawn it in the chart above), leg C should suffer resistance at Fib 50 level and find support at Fib 61.8 level where leg D would start.
Leg D should face resistance at Fib 50 level which would lead to beginning of leg E.
Leg E should end somwhere in the blue region, that is, between Fib 78.6 and Fib 61.8.
So 165$ - 125$ is the minimum level anticipated which LTC would reach if it does not break this pattern in the diagonal triangle.
This correction seems to be very long and heart- aching if it happens to be true and it would get over in the last week of January.
Once it ends, Wave 5 should start. Considering the extended impulse length of Wave 3 of LTC and its long term correction in Wave 4, wave 5 should be very swift in its journey once it starts.
Disclaimer: This chart is just for informational purposes and not an investment advice. Please trade at your own risk.
We should be currently in leg C of Wave 4.
The Fibonacci levels in the chart are showing the retracement levels for each of the legs A and B already finished and anticipated to work for legs C, D and E as shown above. To write this in words, I would say:
Leg A suffered resistance at Fib 38.2 and ended at Fib 50 acting as support for next leg B.
Leg B suffered resistance at 38.2 again and gave way for leg C to start downward journey.
As per my anticipation of future behaviour for LTC (I have drawn it in the chart above), leg C should suffer resistance at Fib 50 level and find support at Fib 61.8 level where leg D would start.
Leg D should face resistance at Fib 50 level which would lead to beginning of leg E.
Leg E should end somwhere in the blue region, that is, between Fib 78.6 and Fib 61.8.
So 165$ - 125$ is the minimum level anticipated which LTC would reach if it does not break this pattern in the diagonal triangle.
This correction seems to be very long and heart- aching if it happens to be true and it would get over in the last week of January.
Once it ends, Wave 5 should start. Considering the extended impulse length of Wave 3 of LTC and its long term correction in Wave 4, wave 5 should be very swift in its journey once it starts.
Disclaimer: This chart is just for informational purposes and not an investment advice. Please trade at your own risk.