SUMMARY
Note: I'm traveling so updates will be brief and no videos until evening. The key to look for would be five waves down for wave C as shown by the blue Elliott Waves.
Litecoin (LTC) looks more bullish than Bitcoin (BTC)! The breakout is more crips and solid looking, The waves look more robust as well. Volume is picking up on the breakout. These all support higher prices. There are times when an Altcoin can briefly lead Bitcoin and we've seen this with NEO and Bitcoin during the September trend reversal. This time, Litecoin could go "forward phasic" to Bitcoin and lead. It would be interesting to see how long this continues. With NEO, the baton was passed back and forth to Bitcoin.
The purple impulse waves show that wave 2 was a simple correction. The rule of alternation states that when wave 2 is simple, then wave 4 is likely complex. In this case, Litcoin purple wave 2 was a very simple abc. So, if the rule of alternation is to apply, the abcde triangle pattern would easily apply. IF this pattern is where LTC goes, then waves d and e remain. The purple wave 5 target is at $258 but could be higher if it decides to extend 1.5x of wave 1.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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