* Elliott wave analysis using Kennedy channeling. Coloured lines represent channel multiples (Deceleration = Red) and act as dynamic support/resistance .
* This chart postulates an ABC structure with wave C in progress.
* The Green shaded box represents the target area assuming that wave C conforms to the highest probability outcome of an advance of 100%-161.8% of Wave A.
* Price should not leave the top of the deceleration channel in which it's currently moving; doing so would imply acceleration which would invalidate the assumption of an ABC correction and would support the assertion of a market bottom and of the structure as a wave 1-2-3 rather than A-B-C.
The conditions postulated above would indicate that LTCUSD C-wave has almost run it's course with at most a further 20% gain possible (161.8% extension = $60).
* This chart postulates an ABC structure with wave C in progress.
* The Green shaded box represents the target area assuming that wave C conforms to the highest probability outcome of an advance of 100%-161.8% of Wave A.
* Price should not leave the top of the deceleration channel in which it's currently moving; doing so would imply acceleration which would invalidate the assumption of an ABC correction and would support the assertion of a market bottom and of the structure as a wave 1-2-3 rather than A-B-C.
The conditions postulated above would indicate that LTCUSD C-wave has almost run it's course with at most a further 20% gain possible (161.8% extension = $60).