Litecoin topped at $247.82 and it made a sharp decline which fits for an impulse wave (a) of a zigzag pattern. According to the Elliott Wave principle, a three-wave correction in opposite direction follows every impulse pattern before the price continues in the direction of the impulse move.
That three-wave correction is the short-term rally that took the price to $205.54 in wave (b). Now we expect the price to continue in the direction of the impulse in wave (c).
In a zigzag, wave (c) used to equal in size as wave (a), so targets below $130 area are plausible in wave (c).
What's your view on LTCUSD? Let me know in the comment.
Thanks for reading!
Veejahbee.
That three-wave correction is the short-term rally that took the price to $205.54 in wave (b). Now we expect the price to continue in the direction of the impulse in wave (c).
In a zigzag, wave (c) used to equal in size as wave (a), so targets below $130 area are plausible in wave (c).
What's your view on LTCUSD? Let me know in the comment.
Thanks for reading!
Veejahbee.