FX.co ★ Elliott wave analysis of Litecoin for December 21, 2022

Yesterday, we were looking for a temporary corrective decline. We have seen part of that unfolding as an expanded flat correction. Therefore, we are looking for a final decline closer to the 50% corrective target at 63.69 from where a new extended impulsive rally is expected in wave iii/ of 3/.

The reason why we are looking for an extended rally in wave iii/ is the expanded flat correction in wave ii/. It's common if not the usual outcome after an expanded flat correction in wave two that wave three is an extended impulsive wave.

However, for now, look for a dip to 63.69 and then strongly higher.