LTC/USD Bullish and Bearish Scenarios
Bullish Scenario (Green): ABC Correction is done completing W2 on the larger scale Elliott wave. W3 is confirmed after we pass the $214 level (sub wave 1 resistance)
Bearish Scenario (Pink): ABC Correction isn't done completing. C wave still needs the 5th sub wave (extending to the 161% level) creating a double bottom ABC correction. Then we will attempt another impulse wave up.
**Sub wave 4 needs to stay under the sub wave 1 level (yellow line @ $214) in order to be a valid wave count**
If the price closes over the $214 level, the bearish scenario is ruled out and we will see the green scenario
If i missed anything or did something wrong please feel free to comment.
Let me know what you think!
Bullish Scenario (Green): ABC Correction is done completing W2 on the larger scale Elliott wave. W3 is confirmed after we pass the $214 level (sub wave 1 resistance)
Bearish Scenario (Pink): ABC Correction isn't done completing. C wave still needs the 5th sub wave (extending to the 161% level) creating a double bottom ABC correction. Then we will attempt another impulse wave up.
**Sub wave 4 needs to stay under the sub wave 1 level (yellow line @ $214) in order to be a valid wave count**
If the price closes over the $214 level, the bearish scenario is ruled out and we will see the green scenario
If i missed anything or did something wrong please feel free to comment.
Let me know what you think!
