LTCUSD had a 5 wave downtrend wave and has completed A & B Corrective Waves. Well we did not hold my stop-loss from my last post (Linked) so
LTCUSD still wanted to correct. I am looking for an ending C wave target I calculated from Wave A & B at the Fibonacci Level of 1, 1.236, and 1.382, and 1.618 (as shown).
The C wave will be the beginning of a new 5 Wave sequence and C will then become Wave 1.
That is scenario #1
We could continue to slide towards the "Dead Zone" which is from the Top of Wave 1 of the 5 Wave sequence when we reached all-time highs.
I have put a stop on the chart just in case this happens.
Cheers,
-AB
Note
Thump, Thump, Thump....
Here comes the "Dead Zone".
Trade closed: stop reached
Note
BUY BUY BUY
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.