CHAINLINK (LINKUSD) WEDGE CORRECTION

2021년 4월 26일

Following is my analysis for CHAINLINK (LINKUSD) using wave theory & Fibonacci measurments:

1) On Apr 15th, CHAINLINK (LINKUSD) touched its all-time high 44X
2) The market went into a correction mode after a 4-month uptrend taking the price from $9 to $44
3) The correction looks like a wedge correction called triangle diagonal in Elliot series forming (A-B-C-D-E) 3-3-3-3-3 waves inside the diagonal triangle shown in light GREY A-B-C correction waves
4) I believe the next wave is the last leg of the wave E in the diagonal triangle
5) There are 3 confirmation points that need to be taken here
5.1) Confirmation 1 - Bounce confirmation of Wave E shown in the diagram
5.2) Confirmation 2 - Price breakout from the diagonal triangle, shown in the picture
5.3) Confirmation 3 - Once it breaks out of the channel it usually retraces back before going LONG

I believe these are some of the main confirmations that we need to take before taking LONG positions for CHAINLINK (LINKUSD)

Information for educational purposes ONLY, appreciate everyone's feedback !!!