LTCUSD
There is challenge labelling the lite coin wave structure due to extreme rally and prices aren't fitting the scale. The best interpretation based on the volumes, I have labelled the rally from 03/17 -05/17 as Wave iii. It could have been marked as i. the reason I did it because of the higher volume which is consistent with ElliotWave guidelines. If this interpretation is correct then we are already in a correction phase. With Wave 3, prices will fall in 5 waves. The ideal short target would be near 20 which is the bottom range of previous 4th wave.
Alternatively, currently the recent rally could be an early phase of Wave 5, in that case, prices should revisit the upper channel line.