LitecoinUpdated The Tale of the Crab and the Crickun
Impossible to miss the ginormous W shaping up. After multiple failing attempts to map a harmonic pattern to it, the bearish crab looks like a potential match.
Provided we just completed wave 3/5 of that uptrend leg, we could expect wave 5 to take us higher after a bit of consolidation. A price of $60 would put us in the perfect spot for a bearish crab formation.
We could then expect a retrace to the center peak of the W (TP1 : $43) or the bottom of the first leg (TP 2: $32.5)
For now, observing where this leg up takes us to.
Provided we just completed wave 3/5 of that uptrend leg, we could expect wave 5 to take us higher after a bit of consolidation. A price of $60 would put us in the perfect spot for a bearish crab formation.
We could then expect a retrace to the center peak of the W (TP1 : $43) or the bottom of the first leg (TP 2: $32.5)
For now, observing where this leg up takes us to.
Note
A shooting star appeared, which initially led me to believe this could have been a premature end of the road for Chikun. But this is a two line shooting star. According to Bulkowski, that type of star is rather bullish and may be a sign of trend continuation.
In any case, the chart starts showing signs of exhaustion, and we're getting close to a reversal
Note
Even though the crab didn't complete as expected. the pullback reached TP1 range. Closing this idea as I am skeptical about LTC going further down in the immediate, although this is still a possibility.
Trader, chartist and author of Bulltardia, the Bitcoin Comics. Early adopter. Your tips and praises will motivate me to make even better charts! BTC jar: 1LrB5EiknjDYjGRofrAQ1ziWMdRfegoLtd
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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.
Trader, chartist and author of Bulltardia, the Bitcoin Comics. Early adopter. Your tips and praises will motivate me to make even better charts! BTC jar: 1LrB5EiknjDYjGRofrAQ1ziWMdRfegoLtd
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.