LTC has been leading the market with small and shallow retracements since Jan 2019. What is that screaming? A wave 3 push.
Forecast:
Short Term: waiting for a retracement and complex wave 4 correction before pushing higher. Long Term, the completion of wave 5 which should take us to the 0.5 fib level (around 160) of the Y move before starting the Z of a WXYXZ (confirmation after breaking Dec 2018 lows) or push higher to break ATH.
Trade Status:
Neutral until support by the weekly order block is held and high is broken along with Pitchfork warning line.
Just a quick update folks. Thus far the weekly order block has been providing strong support, we need to close in the upper 50% of the block to be bullish, At the moment (5.2.19 @ 4pm PST), it is below the 50%. Keep an eye on how we close the week in a few days.
Closing below the order block is bearish. It doesn't invalidate the overall trend but the count will need to be reconsidered as a deeper correction will be in the works. We spent 5 weeks in wave 2, we're four weeks in in this wave 4 correction. Time wise, both wave 2 and 4 tend to last about the same, however their complexity alternates. Thus far, it appears a running flat for wave 2 and a regular flat for wave 4.
Good luck trading.