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19.09.2022 06:06 AM
Elliott wave analysis of Litecoin for September 19, 2022

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The break below support at 51.70 has changed the short-term count slightly and tells us that wave 2/ has already been completed. We don't expect a much deeper correction than we have already seen, but we will need proof that the corrective low in wave 2/ is in place. For that proof, we need a see break above 58.31 that will signal a re-test of the S/H/S bottom neckline at 67.40 and above here, it will call for a continuation higher to the S/H/S-target seen at 97.38.

As long as resistance at 58.31 is able to cap the upside, we could see Litecoin test 48.31 and the high of 46.21. A break below the latter will indicate that not even wave 2 has been completed.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2024
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