Elliott Wave

Elliott wave analysis of Litecoin for November 3, 2022

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Litecoin has tested the S/H/S bottoms neckline near 64.61 just as we expected. We think that this neckline resistance will be able to turn Litecoin temporarily lower in a correction towards support near 55.94 before the next strong attack on the neckline resistance. The next attack will likely succeed and a break above the neckline will activate the bottom formation for a rally towards the S/H/S-target at 97.38 and possibly even closer to the extension target at 116.85.

In the longer term, we are looking for Litecoin to move much higher and ultimately retest the all-time high level of 400.

The material has been provided by InstaForex Company – www.instaforex.com