Overview 📊
This analysis examines ChainLink (LINK/USD) on the weekly timeframe using Elliott Wave Theory and Fibonacci levels to determine potential price movements.
🔹 Current Price: $20.66🔹 Key Trend: Impulsive structure in progress🔹 Indicators Used: MACD, RSI, Fibonacci Retracement & Extension🔹 Chart Pattern: Five-wave Elliott structure with potential upside targets
1️⃣ Elliott Wave Count 🔍
Primary Degree (Macro Trend)
📌 The primary Elliott Wave count suggests a classic five-wave impulsive structure:
Wave (I): Initial impulse rally
Wave (II): Corrective decline, forming a bottom
Wave (III): Strong expansion wave with key retracement levels
Wave (IV): Potential pullback region before the next bullish phase
Wave (V): Final expansion phase leading to the macro target zones
⏳ Current Progress: Price is in the early stage of Wave (III) within the broader cycle.
Intermediate & Minor Degree Waves
Intermediate Wave 1 is completed, and Wave 2 retracement is in progress.
The 0.382 ($18.57), 0.5 ($15.83), and 0.618 ($13.54) retracement levels serve as possible support for Wave 2 before a continuation move upwards.
A bullish reaction at these levels could confirm the start of Wave 3 within the intermediate cycle.
2️⃣ Fibonacci Targets & Key Price Levels 📈
Primary Wave (V) Extension Targets
1.618 Fib Extension: $94.09 (Major target)
0.618 Fib Extension: $207.77 (Long-term macro target)
These targets suggest a strong potential bullish continuation.
Wave (IV) Retracement & Pullback Zones
1.236 Fib: $52.79 (Potential resistance)
1.382 Fib: $49.17 (Wave IV correction zone)
0.382 Fib: $36.90 (Pullback area to confirm higher low)
Wave (ii) Retracement (Minor Degree Support)
0.382 Fib: $18.57
0.5 Fib: $15.83
0.618 Fib: $13.54
0.786 Fib: $10.81 (Final invalidation level)
These act as critical re-entry zones for bullish continuation.
3️⃣ Technical Indicators & Confirmation Signals 📊
MACD Analysis
✅ Bullish Momentum: MACD remains above the zero line, but a short-term correction is in play.✅ Cross Confirmation: A bullish crossover from a lower level would confirm the next upward move.
RSI (Relative Strength Index)
📍 Current Level: 61.11📍 Overbought Level: Above 70 (watch for potential corrections)📍 Support Zone: 50-55 (if price retraces, RSI staying above this range is a bullish sign)
4️⃣ Trade Plan & Risk Management 🎯
📌 Bullish Entry Zones:🔹 Between $13.50 and $18.50 (Fibonacci retracement support for Wave (ii))🔹 Confirmation: Watch for MACD crossover & RSI support bounce
📌 Target Areas:🔹 Short-Term: $36 - $52 (Wave III Mid-Target)🔹 Long-Term: $94 - $207 (Wave V Extension)
📌 Risk Levels:🔹 Stop Loss: Below $10.81 (Wave (ii) invalidation)🔹 Downside Risk: If LINK breaks below $10.81, the structure may need reassessment.
5️⃣ Conclusion & Final Thoughts 🚀
🔹 ChainLink is currently forming a potential Wave (II) correction before a major impulse move.🔹 If support holds above $13.50-$18.50, a bullish continuation toward $52-$94 is likely.🔹 MACD and RSI will provide further confirmation signals for the next rally.🔹 Traders should monitor Fibonacci support levels and watch for a strong bounce before entering long positions.
📢 Let me know if you’d like any further refinements or trade-specific setups! 🚀🔥
This analysis examines ChainLink (LINK/USD) on the weekly timeframe using Elliott Wave Theory and Fibonacci levels to determine potential price movements.
🔹 Current Price: $20.66🔹 Key Trend: Impulsive structure in progress🔹 Indicators Used: MACD, RSI, Fibonacci Retracement & Extension🔹 Chart Pattern: Five-wave Elliott structure with potential upside targets
1️⃣ Elliott Wave Count 🔍
Primary Degree (Macro Trend)
📌 The primary Elliott Wave count suggests a classic five-wave impulsive structure:
Wave (I): Initial impulse rally
Wave (II): Corrective decline, forming a bottom
Wave (III): Strong expansion wave with key retracement levels
Wave (IV): Potential pullback region before the next bullish phase
Wave (V): Final expansion phase leading to the macro target zones
⏳ Current Progress: Price is in the early stage of Wave (III) within the broader cycle.
Intermediate & Minor Degree Waves
Intermediate Wave 1 is completed, and Wave 2 retracement is in progress.
The 0.382 ($18.57), 0.5 ($15.83), and 0.618 ($13.54) retracement levels serve as possible support for Wave 2 before a continuation move upwards.
A bullish reaction at these levels could confirm the start of Wave 3 within the intermediate cycle.
2️⃣ Fibonacci Targets & Key Price Levels 📈
Primary Wave (V) Extension Targets
1.618 Fib Extension: $94.09 (Major target)
0.618 Fib Extension: $207.77 (Long-term macro target)
These targets suggest a strong potential bullish continuation.
Wave (IV) Retracement & Pullback Zones
1.236 Fib: $52.79 (Potential resistance)
1.382 Fib: $49.17 (Wave IV correction zone)
0.382 Fib: $36.90 (Pullback area to confirm higher low)
Wave (ii) Retracement (Minor Degree Support)
0.382 Fib: $18.57
0.5 Fib: $15.83
0.618 Fib: $13.54
0.786 Fib: $10.81 (Final invalidation level)
These act as critical re-entry zones for bullish continuation.
3️⃣ Technical Indicators & Confirmation Signals 📊
MACD Analysis
✅ Bullish Momentum: MACD remains above the zero line, but a short-term correction is in play.✅ Cross Confirmation: A bullish crossover from a lower level would confirm the next upward move.
RSI (Relative Strength Index)
📍 Current Level: 61.11📍 Overbought Level: Above 70 (watch for potential corrections)📍 Support Zone: 50-55 (if price retraces, RSI staying above this range is a bullish sign)
4️⃣ Trade Plan & Risk Management 🎯
📌 Bullish Entry Zones:🔹 Between $13.50 and $18.50 (Fibonacci retracement support for Wave (ii))🔹 Confirmation: Watch for MACD crossover & RSI support bounce
📌 Target Areas:🔹 Short-Term: $36 - $52 (Wave III Mid-Target)🔹 Long-Term: $94 - $207 (Wave V Extension)
📌 Risk Levels:🔹 Stop Loss: Below $10.81 (Wave (ii) invalidation)🔹 Downside Risk: If LINK breaks below $10.81, the structure may need reassessment.
5️⃣ Conclusion & Final Thoughts 🚀
🔹 ChainLink is currently forming a potential Wave (II) correction before a major impulse move.🔹 If support holds above $13.50-$18.50, a bullish continuation toward $52-$94 is likely.🔹 MACD and RSI will provide further confirmation signals for the next rally.🔹 Traders should monitor Fibonacci support levels and watch for a strong bounce before entering long positions.
📢 Let me know if you’d like any further refinements or trade-specific setups! 🚀🔥
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.