Looking at this trend I notice a few things
-Wave 1 was verified as wave 1 since the retrace of 2 was nearly almost all of wave 1
-In the first sub-wave of wave 3, wave 3 wave extended at a 1.6 fib. Elliot tells us that if the 3rd wave in the sub wave is extended, the 3 wave on the larger scale is likely proportionally extend
-Given both of these conditions, to me...
Based on the latest descending triangle formation, it looks like the wave two correction might hit the max retrace, which is the start of wave (1). Whether it goes down to this or not will show us greatly how LTC is behaving in the long term. I would expect the drop to happen fast given the market tension the triangle reflects. Either way, hopefully wave (3) is...
I used the basic Elliot Wave principles to estimate two scenarios for the landing spot for the top of wave 5. Notice how nicely this wave hit the top of the 3rd wave at .786.
Using the basic Elliot wave principles, I estimate as these two possible scenarios. (Ignore the landing spot "5" indicator for the wave, and refer to the circles on the parallels) This wave is falling into the classic Fib ratio with the retracement. The parallels are lining up perfectly! This is my first estimation, so please take my analysis with a grain of salt.
