FX.co ★ Elliott wave analysis of Litecoin for August 16, 2023

Litecoin failed to hold above support at 79.31 which calls for more downside towards 71.37 and likely even closer to 65.71 before wave C and 2 is done. As we said in our previous post "A break below support at 79.31 will call for an alternative count for the rally from 40.33". The best fit for this alternative scenario is now shown above. This count shows that we only are in wave C of 2 and more downside closer to 65.71 is needed to complete the large flat correction in wave 2.