Short term scenario for LTCUSD
Updated
An interesting pattern developing on LTCUSD. After a leading diagonal up, we reached the high on the left side of the chart.
From that point, we went into a leading contracting diagonal down, followed by a zig-zag back up.
The present pattern appears to be an expanding -leading- diagonal of the wave C of this downwards correction. The reason that I label this diagonal as ' leading', is because the first wave is an impulse wave, which is not the right wavecount for an ending diagonal. We should be heading down into the fifth wave of this diagonal now.
As a first target, I'm aiming for the area of 38.6 and 38; as the fifth wave must be longer than the third wave, $38,6 is the minimum target, but I expect some heavy resistance at the end of the leading diagonal that kicked this correction off.
From there, I expect a correction upwards to the end of wave 4 of the present expanding diagonal before we plunge further downwards into a third wave, et cetera.
This is not trading advice. It's the analysis and meandering of somebody who has too much time on their hands.
From that point, we went into a leading contracting diagonal down, followed by a zig-zag back up.
The present pattern appears to be an expanding -leading- diagonal of the wave C of this downwards correction. The reason that I label this diagonal as ' leading', is because the first wave is an impulse wave, which is not the right wavecount for an ending diagonal. We should be heading down into the fifth wave of this diagonal now.
As a first target, I'm aiming for the area of 38.6 and 38; as the fifth wave must be longer than the third wave, $38,6 is the minimum target, but I expect some heavy resistance at the end of the leading diagonal that kicked this correction off.
From there, I expect a correction upwards to the end of wave 4 of the present expanding diagonal before we plunge further downwards into a third wave, et cetera.
This is not trading advice. It's the analysis and meandering of somebody who has too much time on their hands.
Note
It seems I may have been premature with calling the end of the 4th wave, this would seem a more valid count. :-)
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.