So LTCUSD appears to be in the B-wave of an ABC-correction after it's first wave downwards of the last wave 5 of a higher degree. We completed a clean impulse wave up from $75 to a little over $80 as a wave A, and are now in a corrective B-wave inside a corrective wave 2. At least, that's what it looks like at the moment. Trading corrections is tricky enough as it is, but trading a correction in a correction is definitely a moment to stay out of the market as far as I'm concerned.
For the time being, I'm happy to let this B-wave unfold and see what it ends up like. After that, we'll have one more move upwards I think to the area of $82,50 - $85 before we go into the third wave of wave 5 on a higher degree which should get interesting and full of trading opportunities. Remember, the trend is your friend, and you trade corrections at your own risk. The present B-wave could unfold into a variety of shapes, after all.
Time to sit on my hands and wait!
For the time being, I'm happy to let this B-wave unfold and see what it ends up like. After that, we'll have one more move upwards I think to the area of $82,50 - $85 before we go into the third wave of wave 5 on a higher degree which should get interesting and full of trading opportunities. Remember, the trend is your friend, and you trade corrections at your own risk. The present B-wave could unfold into a variety of shapes, after all.
Time to sit on my hands and wait!