SUMMARY
As shown previously, LTC pattern of a downward wedge is very similar to Bitcoin (BTC). From this perspective, one more lower low is also expected to allow red C wave of the ABC to complete.
However, LTC's microwaves are not exactly same as Bitcoin, though still similar. Litecoin (LTC) set an impulse up (yellow waves) from the prior bottom and IF valid, the current downmove looks three wavish and corrective. The rise above the upper white line could also be seen as a bearish wick. Price is likely to touch the lower white suppport. But the corrective nature is still in play. In other words, the yellow five waves could be seen as subwaves to a higher degree wave 1 and the current abc as subwaves to a higher degree wave 2.
The abc also looks wedgy and usually that means at least a bounce is due and IF it is wave 2 down; another attempt to rise above the white resistance.
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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
