LTCUSD V shaped correction of full ABC down wave?
LTC had done very nicely in past few days, hats down! Congratulation to everyone who entered long few days ago!
Patience is the key. We must wait for pointers in this situation. Price movement is showing complete wave 3, for those waiting the opportunity to go long, I will watch closely 372-383 USD level as this 0.382 Fib from last down move from 420 to 301, It should be noted that after initial surge, price bounced of 372-374 USD level twice, so this makes this level a little bit more interesting to watch for.
Question is whether price will reveal V shaped correction, and we are going straight up, or we could expect full A-B-C retracement wave. If level of 372-383 USD will be strongly broken upwards, then this is confirmation of next bullish move and V correction. On the other hand, movement toward 313 USD and lower is sign of possible leg C. Moreover, move towards 313 will form double top which is pointer price will possibly go lower.
Chart has some levels outlined with yellow square, upper one depicts boundaries of 0.382 - 0.618 correction of wave 3 and lower one are 0.382 - 0.618 correction boundaries of whole structure starting at about 95-97 USD.
Warren Buffett: "The stock market is a device for transferring money from the IMPATIENT to the PATIENT."
Patience is the key. We must wait for pointers in this situation. Price movement is showing complete wave 3, for those waiting the opportunity to go long, I will watch closely 372-383 USD level as this 0.382 Fib from last down move from 420 to 301, It should be noted that after initial surge, price bounced of 372-374 USD level twice, so this makes this level a little bit more interesting to watch for.
Question is whether price will reveal V shaped correction, and we are going straight up, or we could expect full A-B-C retracement wave. If level of 372-383 USD will be strongly broken upwards, then this is confirmation of next bullish move and V correction. On the other hand, movement toward 313 USD and lower is sign of possible leg C. Moreover, move towards 313 will form double top which is pointer price will possibly go lower.
Chart has some levels outlined with yellow square, upper one depicts boundaries of 0.382 - 0.618 correction of wave 3 and lower one are 0.382 - 0.618 correction boundaries of whole structure starting at about 95-97 USD.
Warren Buffett: "The stock market is a device for transferring money from the IMPATIENT to the PATIENT."
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