It looks like LTC is now breaking downward out of its wedge (orange lines) and from what I see, it looks to be retracing back to the wedge (potentially to $200) before heading back downward. If it continues the long term upward trend (white lines) it then looks like it should be able to only dip around to $180. Not a horrible dip if it indeed is not a fake out and heads back up (which is still quite possible at this time). However, if it breaks too far below that support, it might indicate a larger reversal is in order.
However, LTC typically follows BTC, so if BTC were to head upward, then there are some positive possibilities in order, particularly as LTC/BTC have been very much in lockstep for the past few days. Although additionally, it should be interesting to see what happens though if BTC heads downward significantly as well, as Litecoin's drops have been rather significant compared to Bitcoin lately, so it might give LTC the upper hand if a larger drop happened on BTC and not as drastically on LTC. Hence LTCBTC might be of particular interest to watch over the next few days.
However, LTC typically follows BTC, so if BTC were to head upward, then there are some positive possibilities in order, particularly as LTC/BTC have been very much in lockstep for the past few days. Although additionally, it should be interesting to see what happens though if BTC heads downward significantly as well, as Litecoin's drops have been rather significant compared to Bitcoin lately, so it might give LTC the upper hand if a larger drop happened on BTC and not as drastically on LTC. Hence LTCBTC might be of particular interest to watch over the next few days.