LitecoinLong
Lower low or BUST OUT!
Updated
We are seeing a downward wedge fractal forming for LTC that has the same $85 support zone targeted at its apex, similar to the previous larger wedge fractal. I have marked the Intermediate ABC patterns on both of them, and the primary ABC pattern making up the entire correction. If LTC is not able to bust out of the smaller wedge fractal we can expect it to continue towards the apex, thus putting in a lower low and following the primary ABC correction pattern.
What is interesting is that if this fractal pattern continues to hold, it seems more likely that LTC has finished the correction and it is about to bust out of the wedge. You can see LTC busted out of the larger wedge after hitting a double bottom, and touching the 78.6% fibonacci retracement. In the smaller wedge LTC is close to the 61.8% retracement, and it just hit a double bottom on the wedge. Perhaps this gives evidence LTC has ended the correction and it is about to bust out of the wedge.
In terms of the entire market, we have seen that LTC has been leading BTC. If LTC is able to bust out of the wedge in the next few days, then I would expect Haejin's alternate count of BTC, where we see a bust out of the symmetrical triangle at point D rather than point E. steemit-production-imageproxy-thumbnail.s3.amazonaws.com/DQmT6e1RZ8Nah3okxaox4mzg5GerCiiZKUE1BWJgFeT6UPN_1680x8400
What is interesting is that if this fractal pattern continues to hold, it seems more likely that LTC has finished the correction and it is about to bust out of the wedge. You can see LTC busted out of the larger wedge after hitting a double bottom, and touching the 78.6% fibonacci retracement. In the smaller wedge LTC is close to the 61.8% retracement, and it just hit a double bottom on the wedge. Perhaps this gives evidence LTC has ended the correction and it is about to bust out of the wedge.
In terms of the entire market, we have seen that LTC has been leading BTC. If LTC is able to bust out of the wedge in the next few days, then I would expect Haejin's alternate count of BTC, where we see a bust out of the symmetrical triangle at point D rather than point E. steemit-production-imageproxy-thumbnail.s3.amazonaws.com/DQmT6e1RZ8Nah3okxaox4mzg5GerCiiZKUE1BWJgFeT6UPN_1680x8400
Note
To clarify, if it busts out of the smaller wedge, then the 'primary' ABC count where C is at the apex, would be invalid, and the intermediate ABC count within the smaller wedge would be validated. Likewise, if it stays within the wedge and we see a lower low, then the primary ABC count with C at the apex is validated, and the intermediate ABC count in the smaller wedge is invalidated. Using fractals, it seems more likely that it will bust out of the wedge.Note
tightening up the smaller wedge shows its apex to rather be at $105 which matches the previous low found in the larger wedge fractal. Last nights price action didn't show promising signs of a bust out. I think we may be headed much closer to or even at the apex before we bust out.
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