SUMMARY
The corrective progression of LiteCoin (LTC) can best be viewed using subwaves. Counting subwaves is ideal as it allows one to qualify the count of the higher degree but also enable a geo positioning sense of where price is in the correction. The below chart shows how Litecoin is carving out the a,b,c waves. Now, this can also be labeled in a different way as there are always different ways to label. However, I've used the a,b,c and then labeled the subwaves of red wave C.
The wave 5 of red C could be targeted for around $103 or so. That does NOT mean I'm yet calling the bottom. Remember, the bottom of a correction is NOT an event, it's a process. To that end, subwave counting becomes paramount.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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