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FX.co ★ Elliott wave analysis of Litecoin for August 10, 2022

Elliott wave analysis of Litecoin for August 10, 2022

Elliott wave analysis of Litecoin for August 10, 2022

The decline from 64.00 has become deeper than we expected. It is more likely to be a part of wave ii which means a sub-corrective wave ii/ decline. Therefore, we assume the possibility of a full retest of the 56.67 low before the next impulsive rally higher through minor resistance at 64.00 for a rally towards the S/H/S target at 85.27. Perhaps we will see a further rise towards the S/H/S extension target at 100.65. In the short term, we will use a break above minor resistance at 59.64 as a guide to judge whether the correction in wave ii is still underway or has been completed so the next impulsive rally is in progress.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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