ahbahb

LTCUSC Elliott Wave 9/13/2017

BITFINEX:LTCUSD   Litecoin / Dollar
324 views
4
324 0
Price retraced to $60 which cancels out the possibility that we are in a new impulse (wave 2 must not retrace past the start of wave 1). We may now be nearing the completion of ABC retracement making up wave 2 after bouncing off of that support at $60. However after taking a look at LTCBTC chart (important to refer back to BTC for LTC and ETH as much of the trading seems to be in BTC , thanks for this tip @marcpmarkets) I see a massive head and shoulders that makes me think that LTCUSD may retrace back to next support at $55 which also corresponds to Fib .236 of wave 1, or potentially lower. Alternately LCTBTC could still rise to the level of left shoulder which is significant (+30%) given the size of the mega formation there.

At the macro level many coins are now following BTC in very similar moves, all simultaneously retesting supports from 9/4 and the news this week has been very negative with China financial regulators and Jamie Dimon both releasing statements that led to big sell-offs so I am skeptical that the corrective wave is over. The market will tell us soon though.

So how to trade this market? We need some confirmation that we are in a new impulsive wave before we can say that the corrective wave is over. If this second bounce off of $60 holds then we will need to see a higher high above the $71 area to confirm reversal. Overall bullish but not from this level.
DE Deutsch
EN English
EN English (UK)
EN English (IN)
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Startseite Aktien-Screener Devisen-Screener Krypto-Screener Wirtschaftskalender So funktioniert es! Chartmerkmale Hausregeln Moderatoren Webseite & Brokerlösungen Widgets Stock Charting Bibliothek Feature-Anfrage Blog & Nachrichten FAQ - Häufige Fragen & Antworten Hilfe & Wiki Twitter
Profil Profileinstellungen Konto und Abrechnung Meine Support Tickets Support kontaktieren Veröffentlichte Ideen Followers Ich folge Private Nachrichten Chat Abmelden