Elliott Wave View: Litecoin (LTC/USD) rally may fail for more downside [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short Term Elliott Wave view in Litecoin (LTCUSD) suggests decline from November 10, 2021 high is unfolding as a zigzag Elliott Wave structure. Down from November 10, 2021 high, wave (A) ended at 120.49 as the 2 hour chart below shows. Wave (B) bounce ended at 154.13 with internal subdivision as a double three Elliott Wave structure. Up from wave (A), wave ((a)) ended at 133.49, wave ((b)) dips ended at 130.71, and wave ((c)) ended at 142.22. This completed wave W in higher degree. Pullback in wave X ended at 134.65. The crypto currency then extended higher in wave Y with subdivision as a zigzag in lesser degree. Up from wave X, wave ((a)) ended at 150.70, wave ((b)) ended at 143.35, and wave ((c)) ended at 154.13. This completed wave Y and also wave (B) in higher degree.

Litecoin has turned lower in wave (C) but it still needs to break below wave (A) at 120.49 to validate the view and rule out a double correction. Down from wave (B), wave (i) ended at 144.39 and rally in wave (ii) ended at 155.43. Wave (iii) lower ended at 138.74, wave (iv) ended at 143.90, and wave (v) ended at 133.27. This completed wave ((i)) in higher degree. Rally in wave ((ii)) is in progress to correct cycle from January 17, 2022 high before the decline resumes. Near term, as far as pivot at 154.13 high stays intact, expect rally to fail in the sequence of 3, 7, or 11 swing for further downside.