LTC just completed an 3-3-5 flat correction where the correction process actually brought a new high! However, the correction process is now over and the all time high is about to be broken again. In fact, LTC just finished subwaves 1 and 2, and is about to undergo subwave 3, which is usually the strongest subwave. The volume confirms our wave count since there was high volume during the pump, indicating lots of buying pressure, and low volume during the correction, indicating little selling presssure.
If we ignore the short term price fluctuations, we see that LTC is just starting intermediate wave 3. According to a 1 to 1 Extension of wave 1, we get a conservative long term target of 550! And that's without wave 5! With wave 5, we could see prices of 800 or more!!
I would like to ask how did you calculate this? I started trading a few weeks ago and at the moment I am trying to figure out how these charts work and how I can use them the best way.
aoeuaoeu
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@Samppa290,
For the targets of subwave 3, I used a 1.272 Fibonacci Extension of subwave 1 for target 1 and a 1.618 Fibonacci Extension for target 2. i66.tinypic.com/20qm5xf.png For the long term target, I just did a 1.272 Fibonacci Extension of primary wave 1. i65.tinypic.com/ibavs5.png
@Samppa290, In the cryptocurrency market, these targets usually are conservative targets. Often, the price exceeds these target by quite a large margin due to the bullish nature of cryptos.
Cmine110
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What's the possible time table
aoeuaoeu
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@Cmine110, Subwave 3 might take 2 to 4 weeks, while the long term target of 800 should take several months.