aoeuaoeu
Panjang

LTC Not Gonna Stay Low for Much Longer.

BITFINEX:LTCUSD   Litecoin / Dollar
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.
Balas
aoeuaoeu Samppa290
@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. http://i66.tinypic.com/20qm5xf.png
For the long term target, I just did a 1.272 Fibonacci Extension of primary wave 1. http://i65.tinypic.com/ibavs5.png
+1 Balas
Samppa290 aoeuaoeu
@aoeuaoeu, Thank you, this helps me a lot! :)
Balas
aoeuaoeu Samppa290
@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.
+1 Balas
What's the possible time table
Balas
aoeuaoeu Cmine110
@Cmine110, Subwave 3 might take 2 to 4 weeks, while the long term target of 800 should take several months.
Balas
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