Litecoin/Dollar: It's on its Way to $500..!

After a sharp impulse to the upside, which ended at 370.00 price in Litecoin is being into a correction dropping as low as 151.00. Still in correctio we keep an eye for a buy level to join a potential upcoming rally - the next impulse after te correction is over. Into the corrective structure is no difficult at all to define a pending reversed head and shoulders and all we need to do is wait for price retest the 240.00 support level to get the completion of the chat pattern. In such case buying is our option aiming the 1.27 fib extension of previous impulse which stand a little lower than 500.00 - at 450.00. In case price climbs to 1.618 fib ext. $500 will be history and the ones who bought from current level, happy traders!

All the best,
John

Komen:

Price retraced to the left shoulder's level. You may either go long at current level or wait for a breakout above the neckline