LTCUSD short idea
Hey everyone. I hope this finds you well. I apologize for my abscence recently, but I hope you have been able to pull a profit without me. Anyway, he is the trade setup. Although btc is incredibly bullish, LTC seems to be lagging just a tad.
From my wave count you can see what looks to be a nice 5 wave move, where must fib targets were hit spot on, or just a little off.
From my chart, you can see that a 5 wave move down has been made, along with the 3 wave move to the upside for wave B. This means that we have only one option, a 5 wave move down for wave C.
The target for the wave c will be the 55 dollar range, which is the 0.382 retracement of the whole wave. This might play out to be a complex correction, so a wave W of a W,X,Y, but we'll figure this out later.
The stop loss will be the 62.593 area, which is just 2%. All in all, this has a 5.0 risk to reward ratio which is fantastic.
I hope everyone can get into this trade in time. Have a nice day!
From my wave count you can see what looks to be a nice 5 wave move, where must fib targets were hit spot on, or just a little off.
From my chart, you can see that a 5 wave move down has been made, along with the 3 wave move to the upside for wave B. This means that we have only one option, a 5 wave move down for wave C.
The target for the wave c will be the 55 dollar range, which is the 0.382 retracement of the whole wave. This might play out to be a complex correction, so a wave W of a W,X,Y, but we'll figure this out later.
The stop loss will be the 62.593 area, which is just 2%. All in all, this has a 5.0 risk to reward ratio which is fantastic.
I hope everyone can get into this trade in time. Have a nice day!
Penafian
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