LTC Weekly 5/13/19: Will History Hold.
I am still keeping a close eye on this historical correlation. Although we did end up with a BIG green candle to finish the week, we were sitting slightly red on the week right before so we might be a day or two ahead of schedule. This being said our next move will be a pretty harsh downward move if we continue following this historical trend. Current weekly RSI is now 64 and it was 63 in 2017. We have also lifted off our moving averages quite a bit so I’m thinking we will see some consolidation soon but maybe not till late this week or next. I’m kind of speculating here though because the only thing I see in the chart that would indicate this is the fact that we lifted well off our moving averages. We formed a lower high on the most recent run at 96 so our correlation is still valid but if we continue up and break 100, our historical correlation will be invalidated because we will then have established a new pattern at that point. I would likely still keep and eye on it but it would no longer match HH , HL, LH, HL, Breakout.
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