LTCUSD In A Temporary Pause – Elliott wave analysis
LTCUSD is recovering with five waves, up from end of June. We see waves i, ii and iii completed so far, so latest pullback can be part of a corrective wave iv, that can look for support/bullish turn at the Fib. Ratio of 38.2 and 50.0 (55.0/52.0 level). A corrective wave iv in current scenario can unfold as a zig-zag, where leg ( a ) has five sub-waves, and wave ( c ) also. Only wave ( b ) has three sub-waves. That said, at the moment we see price starting to unfold a sub-wave ( c ) of iv.
LTCUSD, 4h
Once wave iv fully develops, and we see a new bounce in five lesser degree waves, that is when uptrend may resume.
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