Litecoin Price Analysis: Wave theory projects price to move lower still

LTC/USD 4-Hour Chart

Cryptocurrencies continue to fall on Wednesday adding to a heaving start to the week already. Litecoin is one of the worst-hit currently around 11.5% lower at the time of writing. 

Below is the 4-Hour chart showing the Elliott Wave pattern analysis for the move lower. In the lead up to this pattern, the trend higher formed a nice Elliott Wave structure which leads me to believe the theory is respected in this pair. Not only that crypto's have been following harmonics nicely recently.

The wave 1 to 2 wave stopped very nicely on the 76.4 retracement which was a great start. Now the price is moving toward the 1.618% golden ratio extension. This would be the wave 3 which is traditionally the longest wave. Now is this an ABC consolidation instead of the start of a new Elliott Wave pattern then we could need a higher low to confirm this. But the move is soo impulsive that it seems like a new 5 wave downside structure. 

If the price reaches 57.00 we could confirm this but either way we have the waves 4 and 5 to look forward too. 

Additional Levels