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Based on technical analysis LTC/USD Elliott Wave Forecast, the bearish trend is present in LTC/USD pair, 4 hours time frame based on LTC/USD Elliott Wave Weekly Forecast. As I have forecasted few hours ago, the price of LTC/USD pair is going to drop now to prints a Bearish Impulse wave Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my Elliott wave forecast have made the right decision as price has descended.
Strong key resistance level is present at 65.96 price area which is termination point of Bearish impulse wave i leg. In my judgment, price action in LTC/USD pair is now going to move sideways. Next expect further decline in price action to complete a Bearish Impulse wave pattern – wave v. So, market is going to remain bearish on a short term basis. Next, expects a short term bottom in price action as well. Based on Elliott wave forecast, current Bearish trend is part of a Bearish corrective Elliott wave pattern, wave B leg in higher time frame.
Currently, Bearish impulse Elliott wave pattern, wave v leg looks in-complete. So, a good idea is to look for a possible sell trading chance to join down trend around 34.50 price area. However; if price of LTC/USD pair breaks above 65.96 vital resistance level then down trend is going to end. In such a market scenario, it would be best not to trade market and re-do LTC/USD Elliott wave analysis in four hours chart.
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Now, at this point; I must acknowledge that the trend is bullish in higher time frame of LTC/USD pair.
Below is the daily chart of LTC/USD pair with my Elliott wave forecast which shows us a big picture and a bit weak bullish trend.
To me; price is printing Bearish corrective wave B leg which is going to complete soon. So, expect price action in LTC/USD pair to rise up more to complete motive wave pattern. Next, price is going to prints a medium term top as well. Overall price action is printing a Bullish Zig Zag corrective wave pattern. Within Bullish Zig Zag corrective Elliott wave pattern, all sub-waves must sub-divides into 5, 3 and 5 waves pattern.
The following Elliott Wave Bullish Zig Zag wave diagram shows us a completed Bullish Zig Zag corrective pattern within the frame work of Elliott wave principle.
The bullish Zig Zag wave pattern of the Elliott wave principle shows that how price action does not moves in a straight line fashion but in a series of highs (rises) and lows (retracements). Bullish Zig Zag Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Zig Zag Elliott wave pattern looks like. If a trader knows what a bullish Zig Zag pattern looks like, then it would become much easy for a currency trader to actually analyze the Forex charts and make a trading decision as well.
A Bullish Zig Zag consists of two Impulse Elliott wave patterns, joined by a B wave. We use A English alphabet to label first impulse Zig Zag wave leg and we use C English alphabet to label second Impulse Zig Zag wave leg. Please take a note that Bullish Zig Zag pattern is a corrective Elliott wave pattern which appears at a pull back in a main down market trend.
Based on my LTC/USD using Elliott Wave in daily chart, we have got an in-complete bearish wave B leg. So, market is going to first drop to complete the wave B and then rise up to prints bullish Impulse wave A leg. However; it is possible if price breaks below green colour support line then forecast will become in-valid. Now, price action is probably going to move sideways. Next, expects a decline in market to complete a Bearish Zig Zag corrective wave B leg.
To me; in four hours chart of LTC/USD pair the bearish waves v leg which is part of a higher degree wave B corrective pattern in daily chart is just a bearish leg in an up trend. As mentioned above as Bearish Impulse wave leg inside a 4 hours chart.
Strong key support level is present at 22.08 price area in LTC/USD daily chart. So, I expect market to first move sideways for next coming trading days and then may be start moving up. So, in my opinion market is going to remain bullish overall. And on a medium to long term basis, expects a sideways to bullish leg in market. Next, market is probably going to resume the Bullish trend after that in LTC/USD pair, in daily chart.
Now, when an existing Bullish Elliott Wave Weekly Forecast in LTC/USD is going to fail?
Well, the forecast is good for about next two weeks time. And price should stays above 22.08 support area in daily time frame to keep the up trend alive. A clear bearish break down in price action below 22.08 support area will end an up trend. It will also fail bullish Elliott Wave Weekly Forecast as well. In such a market scenario, it would be best not to trade the market and re-analyze LTC/USD daily chart.
Based on LTC/USD Elliott Wave Weekly Forecast the trend is up in daily chart. A good idea is to look for a buy trade around 39.10 price area. As price action is going to rise up towards 148.55. But a clear bearish break down in price action below 22.08 vital support area will end up trend. On a medium term basis, it is a bearish trend in LTC/USD 4 hours time frame.
A good idea is to take a sell trade around 34.50 price level. Next, price is probably going to drop more towards 23.15 price level. However; if price of LTC/USD pair breaks above 65.96 vital resistance level then bearish trend is going to end. We recommend trading with these top-rated brokers when using our signals/analyses/forecasts as they handle your trades quicker and more efficiently with very low spreads and most of them have high trade execution rate.
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