Could LINK Fulfill a broken 5-3 Wave Pattern?!
Updated
From what I can tell LINK is really close to being in a standard 5-3 Wave Pattern, BUT wave 4 over-corrects into wave 1's area. Which kills that idea.. or does it? We seem to have followed through with the rest of the pattern anyways. Why did it correct so hard in the first place? Well if you look at daddy BTC's chart you can see the over-correction from LINK occurs as BTC's does. Which is normal in this market as we all know, but did that far of a correction occur because of BTC and not just with it?
All I'm saying is even though LINK doesn't fit the 5-3 Wave pattern technically.. maybe the market is ignoring that fact as it's taking into account it only occurred because of btc's dump. This potentially lines up with my other analysis of a Cup and handle forming on the 4hr for LINK. Which brews bullish price action.
I appreciate you checking out my post! I am by no means claiming this is definitely what is happening. It's just a thought, and I'd like to hear yours as well so feel free to comment. Drop me a like if you thought this analysis was interesting.
All I'm saying is even though LINK doesn't fit the 5-3 Wave pattern technically.. maybe the market is ignoring that fact as it's taking into account it only occurred because of btc's dump. This potentially lines up with my other analysis of a Cup and handle forming on the 4hr for LINK. Which brews bullish price action.
I appreciate you checking out my post! I am by no means claiming this is definitely what is happening. It's just a thought, and I'd like to hear yours as well so feel free to comment. Drop me a like if you thought this analysis was interesting.
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Cup and Handle Analysis
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Looks like we're making moves. I'd say look for a test at $2.76-.77, if we can break that level we can head back towards $2.88-.89.Comment
Moving stops up to just below $2.685 where hourly support is wouldn't be a terrible idea. The chance we're going down is much lower than it was in the $2.50's but you still never know for sure. Some profit is better than none.Comment
I apologize for the white thumbnails on my ideas. I got in contact with support and found the issue was being caused by a VPN browser extension.
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