SUMMARY
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Take a look at this chart. Does it speak a crash scenario? Does it call for the end of Litecoin (LTC)? Would now be the time to be taking BUYING or SELLING actions? In which direction do you think the trend will be? Nearly five months of correction and yes, price can still go lower; but unlikely a crash scenario. Why? The SELLER population is not like what it was back in December; in fact, it's pretty much decimated.
Litecoin (LTC) MACD is very close to its apex given the symmetrical triangle pattern. I believe a breakout is quite close. The fact that the MACD movement has obeyed so well the boundaries of the contracting lines; a resolution is needed. Probability said that's to the upside.
Here is the short term, closeup. The blue impulse should start continuing in the upward direction. It should then decisively breakout of the bull flag pattern.
IF the impulse wave proceeds as projected, then a larger degree of trend Inverted Head & Shoulders could be patterned out. Thus far, volume would confirm as well. However, all of this will take time and nothing happens overnight.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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