Elliott Wave View: Litecoin (LTC/USD) has scope for more downside [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short Term Elliott Wave View in Litecoin (LTCUSD) suggests cycle from March 30, 2022 peak is unfolding as a 5 waves impulse Elliott Wave structure. Down from March 30, wave ((i)) ended at 119.11 and wave ((ii)) ended at 129.50. The crypto currency then extended lower in wave ((iii)) towards 101.93, wave ((iv)) ended at 114.75. Final leg lower wave ((v)) ended at 94.2 which completed wave 1. Wave 2 corrective rally ended at 107.22 with internal as a zigzag.

Up from wave 1, wave ((a)) ended at 101.77 and pullback in wave ((b)) ended at 97.44. Final leg higher wave ((c)) ended at 107.22 which completed wave 2. Litecoin has extended lower in wave 3 and broken below wave 1. Down from wave 2, wave ((i)) ended at 92.73 and rally in wave ((ii)) ended at 97.19. Wave ((iii)) is in progress and should see another leg lower to complete. Expect a series of 3 and 4s to the downside before cycle from March 30, 2022 peak is completed as 5 waves. Near term rally should continue to fail in 3, 7, or 11 swing as far as pivot at 107.22 high remains intact.