ChainLink Elliott Wave technical analysis [Video]
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Elliott Wave Analysis TradingLounge Daily Chart.
ChainLink/U.S. dollar(LINKUSD).
LINK/USD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Zigzag.
Position: Wave C.
Direction next higher degrees: Wave (I) of Impulse.
Wave cancel invalid level: 8.498.
Details: The corrective of Wave (II) is equal to 61.8% of Wave (I) at 8.702 Log scale chart.
ChainLink/U.S. dollar(LINKUSD)Trading Strategy: The second wave correction is likely to go down to test the 10.585 level before rising again in the third wave. Therefore, the overall picture is a short-term pullback to continue rising. Wait for the correction to complete to rejoin the trend
ChainLink/U.S. dollar(LINKUSD)Technical Indicators: The price is above the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum.
LINK/USD Elliott Wave technical analysis
Function: Follow Trend.
Mode: Motive.
Structure: Impulse.
Position: Wave 5.
Direction next higher degrees: Wave ((C)) of Zigzag.
Wave cancel invalid level: 81.238.
Details: The Five-Wave Decline of Wave ((C)) trend to test 11.582 Leve
ChainLink/U.S. dollar(LINKUSD)Trading Strategy: The second wave correction is likely to go down to test the 10.585 level before rising again in the third wave. Therefore, the overall picture is a short-term pullback to continue rising. Wait for the correction to complete to rejoin the trend.
ChainLink/U.S. dollar(LINKUSD)Technical Indicators: The price is above the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum.
LINK/USD Elliott Wave technical analysis [Video]
Author
Peter Mathers
TradingLounge
Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.
