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Litecoin Elliot Wave Correction Update

A complex wave formation has occurred since topping at $400 in Litecoin where we currently find ourselves in the Macro Y wave in which the W wave is playing out. We continue to look lower into the key $108-114 area to complete the Subminuette W wave which will lead to the Macro X wave and some relief in the downtrend but ultimately Litecoin appears to be heading towards an eventual $70 price level to complete the correction where confluence of support and the lower warning line of the pitchfork exist. The Original Pitchfork which has been a great indicator for price as seen when we rejected off the green 0.5 median line twice before dropping the lower median line and retesting in a bearish manner, will most likely continue to be a great indicator forecasting the lower warning line as a likely destination.

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