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.
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