On the 8-hour time frame chart, we see clear areas of local support and resistance for $LPT. Prices fluctuate between these levels, forming an Elliott Wave pattern, suggesting a continuation of the short-term uptrend.
Local Support Area: Range: $20. 40 - $18. 90 ➖ This area is a key buying area where price finds support and rebounds. Strong buying interest here helps stabilize prices.
Market Structure:#LPTis in an Elliott Wave correction phase. A break above the resistance at $26. 78 - $30. 00, along with higher volume, could push the price higher. Otherwise, a pullback to $20. 40 - $18. 90 would indicate temporary consolidation.
Elliott Wave ABC: Following the fifth wave, it is usually followed by a corrective ABC band.
Scenario 1 (Low Volume): Wave C may test support at $20.40 – $18.90, indicating weakness on the part of sellers.
Scenario 2 (High Volume): Increased selling could push the price below this support, testing lower levels such as $16. 00 - $14. 00.