LTC in contracting triangle
Primary idea is that LTC is currently in a D wave of a contracting triangle.
A:C = 1:0.618 (perfect reaction)
If this is to be a "textbook" example of a contracting triangle, the following should happen:
- D wave should complete at 0.618 of B wave (B:D = 1:0.618... +10% from now, 155-156$ area)
- There is some market structure that could provide resistance at this level
- E wave should terminate somewhere in the internal range of the C wave (130-134$ area)
- Also some market structure (not as strong) that could provide resistance.
- After completing the triangle, make a new impulse to head towards next level of resistance (Feb '18, check daily or weekly time frame)
If you like my ideas please hit like and follow. :)
This is not financial advice.
A:C = 1:0.618 (perfect reaction)
If this is to be a "textbook" example of a contracting triangle, the following should happen:
- D wave should complete at 0.618 of B wave (B:D = 1:0.618... +10% from now, 155-156$ area)
- There is some market structure that could provide resistance at this level
- E wave should terminate somewhere in the internal range of the C wave (130-134$ area)
- Also some market structure (not as strong) that could provide resistance.
- After completing the triangle, make a new impulse to head towards next level of resistance (Feb '18, check daily or weekly time frame)
If you like my ideas please hit like and follow. :)
This is not financial advice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.