LTC still has plenty of room - headed for .012-.0137

LTC continues it's climb to complete the fifth wave in our bullish Intermediate Elliott Wave. We have a potential 36% gain, with only a small 4% loss risk. I recommend a tight stop like this, because I don't expect a breakdown below the strong support line at .0091. Hopefully, LTC will correct to test this support line, and we can buy long with a good chance of at least a 22% gain. More likely, the last impulse wave will blow through the resistance line drawn by the two fib extensions of the last two corrective waves, at .124, and head for the next line at .0137, where we can close our position for a 47% gain.

Long
Buy - .00914
Sell - .01345
Stop - .00878
Potential Profit - 47%

Comment:

PS: As always, please use responsible position sizing. Never bet your entire portfolio on one trade, no matter how confident you may be. Understand the potential for loss, and ALWAYS use stop losses, to minimize that risk. Never invest more than you are willing to lose.

Happy Trading!

Trade active:

Here we go!

Trade active:

Just witnessed the end of the correction. Wave 5 should begin now.

Trade active:

This new low requires a redrawing of the current Elliott Wave LTC is riding, however, the larger Intermediate Wave is still in effect. Target remains at least .012. Buy, and hold long. Stop should be set at .01, in case we see a breakdown.

Trade closed: stop reached