Like I said, I'm really sticking my neck out there on this one, but I'm letting the charts do all of the work. The data is all right here in front of us, so let's see what it says. Starting at the left side of the chart, you can see that LTC ran up to it's all time high, and then entered a long retracement in a (in blue.) The retracement took LTC all the way to my downside target of 105, which was on my chart from 225. After hitting my downside target, LTC immediately reversed to the upside, and ended up breaking out of the . Funny how my downside target was the floor in the market. Anyway, you can see that LTC appears to now be in the process of creating a large formation. I've actually been covering this for a while now, but today, I'm going to throw a target out there for this structure. Based on the size of the structure, we can see that a breakout is likely to produce an upside test of the all time high, at 370. However, such a move will likely form a bowl like structure on the chart, shown in green. Obviously the all time high could act as resistance, and send LTC lower, but it should eventually break out. If that occurs, and a breakout is confirmed above the all time high, my upside target is at $600. Based on the time horizon, and the data on the chart, it appears as though $600 could be reached by the end of the year, if these conditions unfold.
So, you can see that there are several things that need to happen for these targets to be met. First of all, LTC needs to breakout of the pattern, and then the all time high.
For your information, this is a message from the future, and my target has already been reached. =D
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-