ChainlinkShort
ABC correction for LINK still in play!
Updated
First of all we got a nice ABCDE (violet) Elliot Wave sequence starting from March till mid August. We finished it establishing a juicy ATH at around 20$ for LINK.
After that we experienced a 12345 (blue) wave retracement that brought us down 63% out of ATH level. This was also our first leg (A) of our developing ABC (red) correction pattern.
We bounced of the .618 Fibo level and now two scenarios can take place:
1) We are forming and abc pattern inside B (red) leg, which will bring us a little bit down from the current level and then take us to around 13$ - this will converge wih the .382 Fibo level of the Mar-Aug bullish impulse. From that point we could expect the last corrective C (red) leg taking us to our SUPPORT ZONE (orange) at around 5$ - this level converges also with the .786 Fibo retracement of the Mar-Aug bullish impulse. I give this scenario a 60% chance.
2) We will experience a straight drop to the SUPPORT ZONE (orange) 5$ - right from our current level. I think this scenario is slightly less probable - would say 40% chance.
I have been keeping some cash on the sidelines for the last couple of weeks, so I will be looking to add my LINK positions at 5$.
Ps.
I have noticed that in many cryptos the 5th wave is actually the strongest and most explosive one! The 3rd leg is also quite huge but not as much as the last one!
This is amazing cause from a broader perspective we are now finishing the 2nd LINK Elliot Wave. The next one will be the 3rd... which will be huge. It will take us far beyond the recent ATH. But then, probably in mid 2021 we will experience the 5th wave - the most explosive of all bull runs in the crypto space! ;) The potential is enormous!
GL&HF ;)
After that we experienced a 12345 (blue) wave retracement that brought us down 63% out of ATH level. This was also our first leg (A) of our developing ABC (red) correction pattern.
We bounced of the .618 Fibo level and now two scenarios can take place:
1) We are forming and abc pattern inside B (red) leg, which will bring us a little bit down from the current level and then take us to around 13$ - this will converge wih the .382 Fibo level of the Mar-Aug bullish impulse. From that point we could expect the last corrective C (red) leg taking us to our SUPPORT ZONE (orange) at around 5$ - this level converges also with the .786 Fibo retracement of the Mar-Aug bullish impulse. I give this scenario a 60% chance.
2) We will experience a straight drop to the SUPPORT ZONE (orange) 5$ - right from our current level. I think this scenario is slightly less probable - would say 40% chance.
I have been keeping some cash on the sidelines for the last couple of weeks, so I will be looking to add my LINK positions at 5$.
Ps.
I have noticed that in many cryptos the 5th wave is actually the strongest and most explosive one! The 3rd leg is also quite huge but not as much as the last one!
This is amazing cause from a broader perspective we are now finishing the 2nd LINK Elliot Wave. The next one will be the 3rd... which will be huge. It will take us far beyond the recent ATH. But then, probably in mid 2021 we will experience the 5th wave - the most explosive of all bull runs in the crypto space! ;) The potential is enormous!
GL&HF ;)
Note
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