somanystreams
Long

LTC Breakout and Elliot Wave 3

BITSTAMP:LTCUSD   Litecoin / Dollar
483 2 5
Well LTC has finally broken out of the correction trend (2nd Elliot Wave ) after reaching its ATH             .
Looks like we're seeing the beginning of an Elliot Wave 3 run.
Elliot Wave 3 are usually the longest and fastest moving waves in the pattern. If not the longest, it is never the shortest, so we could easily see this next long run peaking anywhere between $450-$600 USD (or higher) before the Wave 4 correction wave.
Remember there are 5 waves in an elliot wave . In this bullish pattern that is 3 bull runs and two corrections. So now we wait to see how this pans out.
good luck out there.
Care to elaborate more on this upward trend? Looks like there was a slight rise as of this morning.
I am having a hard time counting each Elliot wave to see we are on wave 3?
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somanystreams EnigmaMan
@EnigmaMan, first read the trend lines to see that the major down trend correction was broken 01/02/2018.
Elliot waves can be very tricky to read, but this particular movement appears pretty clear to myself. On a bull trend each leg up will have 5 sub waves (and so on as it is a fractal pattern).
So if you look at the first leg up you can see 5 waves within it, 3 up and 2 down with the last wave being the all time high. The first leg of the Big Wave 1 peaked on 12/09. The third leg of the Big Wave 1 peaked on 12/12. Then the fifth wave within the big Wave 1 peaked on 12/19, the ATH. Then the second Big wave (retracement) it perfectly followed the 3 subwave correction (a,b,c). C being the end of the retracement wave ending on 12/30/2017. Now we are at what appears to be the 3rd leg up, Wave 3.
I'm not sure how to draw on this map once it's been posted else I would try and trace it out for you.
Hope that helps.
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