Litecoin hit a low of 112.31, falling below my target of 122 yesterday, and just breaking below the lower boundry of the red target box. However, that resulted in a quick rejection to nearly the 0.5 fib retrace point at 149.30.
Much like Bitcoin ($BTCUSD), Litecoin appears to be starting Wave C of the larger degree Wave 2 correction wave. With the failure to hit 0.5 cleanly we might be looking at your standard ABC correction wave instead of a flat ABC with this leg dropping into the orange target area below Wave A. The HA Monthly Pivot sits at 102, but the Monthly Pivot sits at 111 which was clearly a reaction level. That Pivot is critically important and might actually force it into a Flat ABC either way. A failure of 102 to hold would signal at least a longer WXY complex correction pattern with targets around 90.
Anyway, we are still in a bullish formation, just in a correction wave.
Disclaimer: Dont follow the advice of random people on the internet. This is a hobby of mine. I do actively trade crypto, but I am by no means an expert.
Much like Bitcoin ($BTCUSD), Litecoin appears to be starting Wave C of the larger degree Wave 2 correction wave. With the failure to hit 0.5 cleanly we might be looking at your standard ABC correction wave instead of a flat ABC with this leg dropping into the orange target area below Wave A. The HA Monthly Pivot sits at 102, but the Monthly Pivot sits at 111 which was clearly a reaction level. That Pivot is critically important and might actually force it into a Flat ABC either way. A failure of 102 to hold would signal at least a longer WXY complex correction pattern with targets around 90.
Anyway, we are still in a bullish formation, just in a correction wave.
Disclaimer: Dont follow the advice of random people on the internet. This is a hobby of mine. I do actively trade crypto, but I am by no means an expert.
