FX.co ★ Elliott wave analysis of Litecoin for January 19, 2023

Litecoin finally saw a deeper corrective decline into the minimum support at 79.63 which could be enough correction for wave ii as we should expect the corrections during wave 3 to be smaller and shorter in time. That said, we still can't exclude more corrective downside progress closer to the 72.59 target as long as minor resistance at 86.19 is able to cap the upside. A break above minor resistance at 86.19 will indicate that the correction in wave ii has been completed and wave iii is in motion for a strong rally towards 121.68 as the next major upside target. Only time will tell whether wave ii has been completed already or not.