Short term Analysis for LitecoinUSD based on the 4hour timeframe

BITSTAMP:LTCUSD   Litecoin / Dollar
Litecoin sold off from a high of $375.00 USD on Dec. 19, 2017. The current movement downwards which appears not yet complete can be described as a W-X-Y Elliott Wave Structure.
Possible targets for the completion of wave [] are marked on the chart as Target 1 (wave [] = ~138.2% wave ]) and
Target 2: (wave [] = ~161.8% wave ])
Path of possible price trajectory is shown by the red arrow before Litecoin can sustain any bull move. LTCUSD
Kommentar: I am still learning how to annotate charts in TradingView and my first post had a chart that showed nothing really. So this chart is an update for my first post. Thank you
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Good chart, I think this scenario is very possible. I agree with the placement of the Elliott Wave points. There will definitely be a correction after we reach a high from this current move. I'll be selling my entire position if we reach $190, and waiting for the low to re-invest again for the last portion of this bear market formation.
Coin_Analyst carltonzone
@carltonzone, thanks for your reply. It is quite possible and it will be interesting to see how the market shapes up for next week. I also posted my analysis of Bitcoin which I believe too will sell off next week. So that to leads me to believe LTCUSD will head down too for a while. Cheers
Sorry about the mess on the chart. I am still learning how to use the drawing tools in Trading view to annotate my chart. The point of invalidation above is wB > 200% wA. Thank you
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