LTC USD 1W Elliot wave count bearish case
Currently, LTCUSD is a long - target $86, The price should test the green rectangle area ($79-$100) before / around December 23.
However, the following scenarios are possible based on the price action near the green rectangle:
Bear case (most likely) - Price reaches the area of green rectangle ($88 - $92) and gets rejected.
This rejection would mean that Zone 1 is wave W, followed by wave X (ended June 17).
Start of the corrective wave Y should bring the price to an area of $15 - $20 and will take place most of the 2020 year.
Bull case (possible) - Price goes past the area of green rectangle to at least $150-$170
This would mean that pivot 1 is the bottom of the corrective wave 2 and we are in the middle of the motive wave 3.
Which case is in play should be more clear based on the price action in December 2019.
Good luck in your trading!
However, the following scenarios are possible based on the price action near the green rectangle:
Bear case (most likely) - Price reaches the area of green rectangle ($88 - $92) and gets rejected.
This rejection would mean that Zone 1 is wave W, followed by wave X (ended June 17).
Start of the corrective wave Y should bring the price to an area of $15 - $20 and will take place most of the 2020 year.
Bull case (possible) - Price goes past the area of green rectangle to at least $150-$170
This would mean that pivot 1 is the bottom of the corrective wave 2 and we are in the middle of the motive wave 3.
Which case is in play should be more clear based on the price action in December 2019.
Good luck in your trading!
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