Hellellennium

LTC/USD Litecoin Medium to Long Term Analysis - Elliott Wave

KRAKEN:LTCUSD   Litecoin / U.S. Dollar
PLEASE DO NOT USE AS FINANCIAL ADVICE. THIS IS PURELY SPECULATIVE & FOR FEEDBACK PURPOSES

Hi all,
This is my first idea I'm sharing and it's a medium to long term Elliot Wave analysis of Litecoin -27/11/21. The chart shows my deductions, but this is only for me to gain feedback from other traders so I can improve my TA. So please let me know what you think about it, where I may be wrong and why.

I currently believe we are a in bearish rising channel within a Wave 2 ZigZag correction that will eventually breakout out to the downside. I don't think Wave 2 ended with wave A correction, as not enough time has elapsed for such a big wave to complete. As you can see I'm still quite bullish on LTC long term, but patience is key, and we will get there soon enough.

If Wave 2 doesn't end up being a multi correction wave, for now I'm assuming Wave C will end at one of 3 targets shown:
C-Wave 1 - Previous bull run's Wave C ended JUST above wave A. A good possibility to repeat
C-Wave 2 - Double bottom seems likely as well.
C-Wave 3 - Technically zigag's wave C ends below wave A. Maybe only wicks it? Considering Wave 3 is approaching, maybe bulls can reverse the trend at above 2 targets?

Major support zone (Light Blue Line) & rebound up

From there, I reckon Wave 3 shall commence. My Wave 3, 4 & 5 targets are conservative - Either Wave 3 or 5 may end up being extended waves with higher targets.

Also, looking at LTC's past it always followed a similar trend after reaching ATH , similar to how XTZ's entire structure is an expanding wedge .

Any merit to this TA?

P.S. Wave 4 cannot end within the zone of Wave 1, or the Elliott Wave is invalidated. A lot of the times I noticed Wave 4 would tests Wave 1 ATH as support (and point of previous breakout) as it goes into Wave 5.
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