LitecoinLong
LTCUSD - 30m - Zig-zag correction to $80
Updated
The chart should speak for itself. We previously had a complex correction, so should be getting a zig-zag correction now. The A-wave appears to have finished, after which we'll head for the area of $76.
Wave C should be reaching $80; this corresponds to a correction of nearly 78,6% retracement of the previous wave, over 100% extension of wave A, be near the terminus of the previous fourth wave of a lesser degree and match the parallel channel in this impulse wave.
I suggest a stop-loss just underneath the terminus of the previous wave at $75, giving this trade an R:R of 2.8. Happy trading!
Disclaimer: I am not responsible for your trading actions. Any action you wish to take based on this prediction is solely your responsibility. :-)
PS: Though the volume after the previous fourth wave of the lesser degree is higher than in the wave before that, I believe that is because this is an extended fifth wave.
Wave C should be reaching $80; this corresponds to a correction of nearly 78,6% retracement of the previous wave, over 100% extension of wave A, be near the terminus of the previous fourth wave of a lesser degree and match the parallel channel in this impulse wave.
I suggest a stop-loss just underneath the terminus of the previous wave at $75, giving this trade an R:R of 2.8. Happy trading!
Disclaimer: I am not responsible for your trading actions. Any action you wish to take based on this prediction is solely your responsibility. :-)
PS: Though the volume after the previous fourth wave of the lesser degree is higher than in the wave before that, I believe that is because this is an extended fifth wave.
Note
Update: While writing down this idea, I had a little pause in which I missed the A-wave extending a bit further. Buy-target: 76,5
Stop-loss: Same at 75.
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