Demonstrating Elliot Wave with Ichimoku
Looking back on the price action from the last major low of LTCUSD an Elliot Wave pattern and Ichimoku wave pattern have taken shape.
1st Wave: 3.60 -> 4.77
2nd Wave: 4.77 -> 4.43
3rd Wave: 4.43 -> 6.18
4th Wave: 6.18 -> 4.69 (to the high of the 1st Wave)
5th Wave: 4.69 -> 6.18 (projected)
If you notice, the Elliot wave matched the cannon description of the pattern with the 4th wave retesting the high of the 1st wave which was also the 50% retracement. This level additionally matched with the bottom of the Ichimoku cloud.
Now I would project the 5th wave to have a high probability of retesting the high but a low probability of breaking it. LTCUSD remains in an unbroken downtrend since April 2014. There is no indication of bullishness in this alt coin with any high probability.
1st Wave: 3.60 -> 4.77
2nd Wave: 4.77 -> 4.43
3rd Wave: 4.43 -> 6.18
4th Wave: 6.18 -> 4.69 (to the high of the 1st Wave)
5th Wave: 4.69 -> 6.18 (projected)
If you notice, the Elliot wave matched the cannon description of the pattern with the 4th wave retesting the high of the 1st wave which was also the 50% retracement. This level additionally matched with the bottom of the Ichimoku cloud.
Now I would project the 5th wave to have a high probability of retesting the high but a low probability of breaking it. LTCUSD remains in an unbroken downtrend since April 2014. There is no indication of bullishness in this alt coin with any high probability.
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Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
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