SUMMARY
The blue abc show how Litecoin's (LTC) price was just an oversold bounce. The correction is not complete in that this leaves the red E wave further down. The blue 1,2,3,4,5 represent the subwaves of the white (c) wave and it could range from $89 t0 $77. Meanwhile, the bull flag pattern is still valid because the red ABCDE waves remain valid.
The MACD has room for one more dip but at a higher low while price generates a lower low; and thus the positive divergence still remains. This lower low can wreak havoc on the weak hands and that's the exact intent in generating the process of a corrective bottom.
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