I have applied a single Modified Schiff to this weekly chart and the validation is excellent. Note how the lower parallel acted as strong support and that after successive corrections, price has found support on the warning lines (WL - dashed lines equidistant to quartiles). The important support on this time frame is shown at the green dots. Price is currently at...
Revised location of blue zone support for Bulls using a modified Schiff
60 minute chart shows correction underway. Monitor blue zone for end of correction and breach > pink sliding parallel. potential support on the upper parallel of the blue median line.
Not a specific trade recommendation, but note the action & reaction to the warning lines associated with this longer term median line.
A corrective structure appears to be unfolding. If the blue support zone fails, I will review using a modified Schiff
Median Line has good validation. Look for support on ML or upper parallel
2.618 extension has been achieved and a corrective pattern is now unfolding. Monitor the upper parallel & median line for potential support. This is in the blue zone which also represents a 0.236 to 0.382 retracement
This median line has built very good validation and there is price action and reaction to the warning lines. The warning line labelled is current support & while that holds, there is potential for price to target 336 & 383. If warning line support starts to fail, that means a change in price behavior on this time frame and will likely relate to a deeper correction.
60 min Monitor next T 265 while upper parallel holds support #crypto BITFINEX:LTCUSD