1) Don't like the 0.618 retracement from the $32 low. This is typical of a Wave B retracement.
2) Don't like the 3 wave formation A B C
3) Don't like that Wave C = Wave A. Typical of a three wave correction.
With these points in mind, the correction for Primary wave 2 that started at the $94 high may be incomplete. Wave 2 corrections can cut very deep - all the way back to the beginning of the formation. Applying the theory of Wave A & C being typically equal - this final phase of the correction could take us to a low of around $9 before Primary wave 3 kicks off.
Take a look at the Nasdaq Composite Index wave 2 of year 2000 as a example.
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If the trend is down - Where to short? Suspect $60 - $65 zone.
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The trend in LTC is still suspected to be down. Looking for confirmation -
1) Firm break of $53 2) Limited prices rises to the upside 3) A sharp sell off
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Sharp up turn in LTC Need to be careful, LTC can be tricky.
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Still not convinced the trend has changed from down to up. Will only change my outlook on a firm break above $65. Suspect a correction is in the works that could terminate just above $62 before a more forceful sell-off
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Suspect the upside correction ended at the $59 high. Looking for a firm break of $53.50 for further downside action and a continuation of the trend down.
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$65 level broken, looking for a break of $70 to review our outlook for a trend change and retest of the all time high.
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LTC looking good in the initial BTC sell-off. Still suspicious of the uptrend unless we can see a break of $70
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LTC Would like to see a sustainable break above $70 for a retest of the all time high.