LTCUSD - 30m - Zig-zag correction to $80
The chart should speak for itself. We previously had a complex correction, so should be getting a zig-zag correction now. The A-wave appears to have finished, after which we'll head for the area of $76.
Wave C should be reaching $80; this corresponds to a correction of nearly 78,6% retracement of the previous wave, over 100% extension of wave A, be near the terminus of the previous fourth wave of a lesser degree and match the parallel channel in this impulse wave.
I suggest a stop-loss just underneath the terminus of the previous wave at $75, giving this trade an R:R of 2.8. Happy trading!
Disclaimer: I am not responsible for your trading actions. Any action you wish to take based on this prediction is solely your responsibility. :-)
PS: Though the volume after the previous fourth wave of the lesser degree is higher than in the wave before that, I believe that is because this is an extended fifth wave.
Wave C should be reaching $80; this corresponds to a correction of nearly 78,6% retracement of the previous wave, over 100% extension of wave A, be near the terminus of the previous fourth wave of a lesser degree and match the parallel channel in this impulse wave.
I suggest a stop-loss just underneath the terminus of the previous wave at $75, giving this trade an R:R of 2.8. Happy trading!
Disclaimer: I am not responsible for your trading actions. Any action you wish to take based on this prediction is solely your responsibility. :-)
PS: Though the volume after the previous fourth wave of the lesser degree is higher than in the wave before that, I believe that is because this is an extended fifth wave.
Note
Update: While writing down this idea, I had a little pause in which I missed the A-wave extending a bit further. Buy-target: 76,5
Stop-loss: Same at 75.
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.
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.