LTC - Second Leg of rounded double top reversal
The second leg of LTC's rounded double top reversal is about to begin. All indications point down. We did have a bear flag, but the second top was formed and the bearish arc is taking shape. And, the bearish slant will create a stronger downtrend. Although the patterns did break from my initial chart (dumpling top reversal), LTC is still on the path of a rounded top reversal (very bearish). With that in mind, I am confident in my assessment that we will dip in into the $50's.
Note
And it's happening as we speak... As predicted.Note
Based on the magnitude of the recent selloff, I am seeing a lot of red in the near future. We could reach insane lows if supports are broken. A lot of uncertainty here, so I'd recommend staying away from buys until this mess is sorted out.Note
Before Wave C completes its final leg, expect a bounce. TP is 67.Note
The bounce never came through. However, the price is still following my chart perfectly. I will admit: I did not expect the price to break the strong support at $50. Now that we're in the 40's, anything is possible. This will be a bloodbath before it's over.
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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.