LTCUSD - Short Term Short

8 Jun 2018

LTCUSD does not seem to be finished in its present correction (wave 2 on a larger degree). After an impulse wave up, I noticed an impulse wave down. Seeing as an impulse wave down after an impulse wave up can only be the first wave down in a correction, I'm expecting the present price action to develop into another impulse wave down (wave C). Based on Fibonacci extensions, I'm expecting wave C to terminate around 115-113. I'm placing a stop-loss above the point of wave B (at $125), giving me a risk to reward ratio of 1:1. Fair enough!