FX.co ★ Elliott wave analysis of Litecoin for August 10, 2022

The decline from 64.00 has become deeper than we expected. It is more likely to be a part of wave ii which means a sub-corrective wave ii/ decline. Therefore, we assume the possibility of a full retest of the 56.67 low before the next impulsive rally higher through minor resistance at 64.00 for a rally towards the S/H/S target at 85.27. Perhaps we will see a further rise towards the S/H/S extension target at 100.65. In the short term, we will use a break above minor resistance at 59.64 as a guide to judge whether the correction in wave ii is still underway or has been completed so the next impulsive rally is in progress.