That's how I see LTC in the long run.
https://steemit.com/bitcoin/@macmanux/ltc-btc-pair

When it come to the original question, I would count the waves like so on LTC USD.
Notice that this gives the whole pattern the right look with wave 2 retracing about 50% of 1. Wave 3 is extended and 5 is 1.216 (time) the length of 1.