My previous post for Litecoin (LTCUSD) can be found here:
Price of Litecoin (LTCUSD) is currently holding just above support 1 (between ~$133.49 and ~$131.31) indicated in the previous post and also shown here. Price swing from ~ $180.18 on May 6, 2018 to ~$134.40 on May 12, 2018 is identified in this analysis as a W-X-Y (double zigzag) Elliott wave structure.
The implication of the above is that Litecoin (LTCUSD) should continue to sell off once the current correction is complete as indicated by the by the blue arrow. The current corrective move in Litecoin (LTCUSD) is assumed at the time of this post to be shaping up as a regular flat Elliott wave structure.
The target area for Litecoin before a sell off is anticipated is shown by the horizontal green lines. Price labels have been put beside each line to indicate its value. Sell off would be expected to at least break below support 2.
The point of invalidation (POI) of this analysis is ~$168.00 at which point wave C of the regular flat would have moved ~200% of wave A which is unacceptable.
Price of Litecoin (LTCUSD) is currently holding just above support 1 (between ~$133.49 and ~$131.31) indicated in the previous post and also shown here. Price swing from ~ $180.18 on May 6, 2018 to ~$134.40 on May 12, 2018 is identified in this analysis as a W-X-Y (double zigzag) Elliott wave structure.
The implication of the above is that Litecoin (LTCUSD) should continue to sell off once the current correction is complete as indicated by the by the blue arrow. The current corrective move in Litecoin (LTCUSD) is assumed at the time of this post to be shaping up as a regular flat Elliott wave structure.
The target area for Litecoin before a sell off is anticipated is shown by the horizontal green lines. Price labels have been put beside each line to indicate its value. Sell off would be expected to at least break below support 2.
The point of invalidation (POI) of this analysis is ~$168.00 at which point wave C of the regular flat would have moved ~200% of wave A which is unacceptable.