Elliott Wave View: Litecoin (LTCUSD) Impulsive Rally in Progress
Short term Elliott wave view in Litecoin shows the crypto currency rallies in a 5 waves impulsive structure from February 22, 2021 low. Up from February 22 low, wave (1) ended at 230, and dips in wave (2) ended at 167.67. Wave (3) rally is currently in progress with internal subdivision as another 5 waves in lesser degree. Wave 1 ended at 244.9 and wave 2 pullback ended at 211.53.
The 1 hour short term chart below shows wave 2 at 211.53. Up from there, wave (i) ended at 228.89, and dips in wave (ii) ended at 218.78. The crypto currency rallies again in wave (iii) towards 258.02, and pullback in wave (iv) ended at 248.83. Litecoin then does another rally in wave (v) towards 263.26. The final leg higher completes wave ((i)) of 3. Pullback in wave ((ii)) is proposed complete at 240.21 with internal subdivision as a double three structure. Near term, while dips stay above 240.21, and more importantly above wave 2 low at 211.53, expect the rally to resume higher.
The 1 hour short term chart below shows wave 2 at 211.53. Up from there, wave (i) ended at 228.89, and dips in wave (ii) ended at 218.78. The crypto currency rallies again in wave (iii) towards 258.02, and pullback in wave (iv) ended at 248.83. Litecoin then does another rally in wave (v) towards 263.26. The final leg higher completes wave ((i)) of 3. Pullback in wave ((ii)) is proposed complete at 240.21 with internal subdivision as a double three structure. Near term, while dips stay above 240.21, and more importantly above wave 2 low at 211.53, expect the rally to resume higher.
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