LTCUSD - When to stay out of the market
So LTCUSD appears to be in the B-wave of an ABC-correction after it's first wave downwards of the last wave 5 of a higher degree. We completed a clean impulse wave up from $75 to a little over $80 as a wave A, and are now in a corrective B-wave inside a corrective wave 2. At least, that's what it looks like at the moment. Trading corrections is tricky enough as it is, but trading a correction in a correction is definitely a moment to stay out of the market as far as I'm concerned.
For the time being, I'm happy to let this B-wave unfold and see what it ends up like. After that, we'll have one more move upwards I think to the area of $82,50 - $85 before we go into the third wave of wave 5 on a higher degree which should get interesting and full of trading opportunities. Remember, the trend is your friend, and you trade corrections at your own risk. The present B-wave could unfold into a variety of shapes, after all.
Time to sit on my hands and wait!
For the time being, I'm happy to let this B-wave unfold and see what it ends up like. After that, we'll have one more move upwards I think to the area of $82,50 - $85 before we go into the third wave of wave 5 on a higher degree which should get interesting and full of trading opportunities. Remember, the trend is your friend, and you trade corrections at your own risk. The present B-wave could unfold into a variety of shapes, after all.
Time to sit on my hands and wait!
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.