SUMMARY
Litecoin (LTC) had placed a solid impulse motive of five waves (blue) and this was the breakout move from the bullish downward pointing wedge. A full Elliott Wave fractal consists of eight waves; five impulse and three retrace. The red ABC waves in the below chart marks the potential corrective pathway. The key question is as to whether wave C is complete and often subwave counting provides the best indication.
The corrective count shows a ZigZag in progress where red A consists of five waves down (white); B is followed with three abc (blue). The final C wave always has five and thus far, give the v-neck type of turn in progress; a tentative wave 5 of C bottom can be labeled. If this bounce turns into a trend reversal and a higher degree of trend wave 3 up; then that'll be confirmed at around $202 or so. That'll be the point at which any wave 4 would overlap with wave 1 and that's not allowed. So, this means that as price approaches $202; there is less and less likelihood that the current rise is wave 4 of C.
The Fibonacci retracement precision hit at 0.618 level which was at $159.22. It is interesting how quickly and easily LTC passed through the 0.5 zone in the current bounce. This is indicative of stronger than expected buying in progress. If the 0.38 level is also easily taken down; even a better sign!
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Elliott Wave Counting Tutorial #1
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