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Wave Renumbering and Adjusted Correction Targets

POLONIEX:LTCUSDT   Litecoin / Tether USD
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Here’s another idea based on a renumbering of the Elliot Waves, as the Elliot Wave count previously had some overlap between Wave 4 and Wave 1, albeit minor. Still, Elliot Wave Theory states that this overlap is one of the hard-and-fast rules about Elliot Waves that must be followed.

What this means is that we have completed the 5th wave of a larger degree 3rd wave. So we are now in the corrective 4th wave of a larger degree wave represented on the chart by IV.

Using 0.382 x Wave III gives us a possible wave IV target of $64. However, there is another development that we should consider. Namely, the forming of a bearish triangle pattern . This pattern has the potential to take us down to $57 due to the height of the triangle.

Using the fib. 0.786 swing high retracement we establish an upper target zone of $67. So the new target range, provided a clear bullish reversal signal is present, is $57-$67.

In the event we break through $57, then we could conceivably move all the way down to $40 where the smaller degree wave 4 ended, as this would represent the ABC correction of the smaller degree wave should equal the wave II correction of the larger degree wave. But this represents an extreme situation. Additionally, this extreme low represents the 1.618 fibonacci retracement of the swing high and so could form a strong support in case price substantially breaks through $57.

Summary: Target $57-$67.
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