PLEASE DO NOT USE AS FINANCIAL ADVICE. THIS IS PURELY SPECULATIVE & FOR FEEDBACK PURPOSES
This is my first idea I’m sharing and it’s a medium to long term analysis of Litecoin -27/11/21. The chart shows my deductions, but this is only for me to gain feedback from other traders so I can improve my TA. So please let me know what you think about it, where I may be wrong and why.
I currently believe we are a in within a Wave 2 correction that will eventually breakout out to the downside. I don’t think Wave 2 ended with wave A correction, as not enough time has elapsed for such a big wave to complete. As you can see I’m still quite on LTC long term, but patience is key, and we will get there soon enough.
The light blue line is the more optimistic view, with the orange being the pessimistic view and which I’m currently leading towards. As part of a correction, technically C will end below A.
From there, I reckon Wave 3 shall commence. My Wave 3, 4 & 5 targets are conservative – Either Wave 3 or 5 may end up being extended waves with higher targets.
Also, looking at LTC’s past it always followed a similar trend after reaching ATH , similar to how XTZ’s entire structure is an expanding .
Any merit to this TA?