I like a bullish movement of LTCUSD. LTNUSD is riding above the 13 and 34 MA and based on a 1.27 Fib level of Wave 1-3. I'm bullish until about Jul 8. Why bullish and Jul 8? It appears that a 4th Elliott Wave is toward the end of its formation. Next move would be a conservative move up to the 1.272 fiboncci level. Wave 1-3 took 14 bars. Wave 5, if it's going to be a contracting triangle, will take a long time; maybe twice as along as Wave 1-3. I'm assuming a contracting triangle for wave 5 because: 1. it's common, 2. it takes a while to form, 3. Alternation - wave 2 & 4 were short patterns.
What if I'm wrong? Once it crosses the trendlines, ok it'll be bearish and the Elliott Wave count was incorrect. It happens.
What if I'm wrong? Once it crosses the trendlines, ok it'll be bearish and the Elliott Wave count was incorrect. It happens.
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.