Currently, LTCUSD is a long – target $86, The price should test the green area ($79-$100) before / around December 23.
However, the following scenarios are possible based on the price action near the green rectangle:
Bear case (most likely) – Price reaches the area of green ($88 – $92) and gets rejected.
This rejection would mean that Zone 1 is wave W, followed by wave X (ended June 17).
Start of the corrective wave Y should bring the price to an area of $15 – $20 and will take place most of the 2020 year.
Which case is in play should be more clear based on the price action in December 2019.
Good luck in your trading!
Published at Tue, 05 Nov 2019 03:57:59 +0000