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

Litecoin broke below key support at 48.41. The price action has forced us to review our alternative scenarios. The next top count shows that Litecoin since the 40.33 low has developed an expanding leading diagonal as wave 1. Wave 2 has unfolded as the collapse down to 47.51, which is more than enough to fulfil the requirements. A new impulsive rally could start from here in wave 3 towards 103.00 and possibly towards 143.90 as the next long-term target.

Only an unexpected break below support at 40.33 will invalidate our bullish views and count.