LitecoinLong
LTC bottoms at $122.6
Updated
In the ABC retrace seen in the downward wedge we have a 5,3,5 zig zag where C is 2.62 of A.
5 subwaves of C of the zig zag have been detailed.
Wave III is 1.62 of Wave I
Wave V is 1:1 with height of Waves I, II, III (we have an extended 5th wave)
$122.6 is the 88.6% retrace from the impulse that started on 02/02,
Support can be seen at $122.6 from the impulse back in December of 2017
the 88.6% level is derived by taking The Golden Ratio, 0.618, square rooting it and square rooting it again to get 0.886.
5 subwaves of C of the zig zag have been detailed.
Wave III is 1.62 of Wave I
Wave V is 1:1 with height of Waves I, II, III (we have an extended 5th wave)
$122.6 is the 88.6% retrace from the impulse that started on 02/02,
Support can be seen at $122.6 from the impulse back in December of 2017
the 88.6% level is derived by taking The Golden Ratio, 0.618, square rooting it and square rooting it again to get 0.886.
Note
Wow, I posted this one too quickly and didn't think it through enough. The marked ABC is not ABC, its 1, 2, 3 in a bear market downward impulse.Therefore A is 1, B is 2, and C is 3. We therefore have an extended wave 3 which is 2.62 of wave 1, which is much more common. So by this count it will go lower than 122.6, but will bounce at that point to make wave 4.
Interestingly $103 is the apex of the downward wedge, equal to the previous low, and approximately the height of wave 1 is the distance from the 88% retrace to the apex.
If the count so far is correct, A likely scenario is we have wave 4 be a 23% retrace going from $122 to $133 (touching the top of the wedge resistence line). Then wave 5 finishes up and bottoms out around $114.
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