LTC: more bullish than ever
We can consider the latest failed attempt to break the upper trend line as the strongest confirmation signal of a bullish trend. Soon price should drop down toward 240 USD or so.
While almost all will scream about a catastrophic bearish scenario, I am sure this is the best signal we may have that LTC will head soon toward a new ATH.
This failed break out is just a confirmation of a bullish simmetrical triangle consolidation pattern (wich I've drawn with blue line and blue wave count). This is simply a D wave of an a, b, c, d, e bullish triangle. Another wave down will be expected before the true break out.
If LTC'd have broken out from the blue upper trend line, most likely it would have bounced against the upper red trend line, at around 300 USD, wich marks a bearish triangle ( trend lines marked in red with red waves count).
Seems it's only matter of waiting a couple of days more before LTC will start rising again. This could be the time to start plannig your buy orders.
Seems LTC is now forming a bearish flag, so wave e should start soon. Anyway we shall wait a couple of hours more to have a definitive confirmation.
Target 470 USD or higher in the short term.
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