EW Analysis: First 10$ and lower, then uptrend to 200$ possible
A quick high level analysis of Link.
Observations:
* has been in a protracted downtrend (Wave 2) since May 2021 after completion of 5-wave-impulse up (Wave 1)
* downtrend looks like a Double Zig Zag
* Double Zig Zag not yet finished, one more low, we seem to be in the middle of wave 5 of the Y-leg
Thesis:
Link was the star of the last bear market. It might be the star again of this bear market.
I expect it to break 10$ and hit the area around 6-7$. If we get a bigger crash, 4$ seems possible as well. 4-7$ could be the areas for reaccumulation before a new uptrend starts which would be Wave 3 in the bigger picture. Fib-Level fits nicely to around 200$ as a target.
This idea will need years to play out.
This thesis is proven wrong if we break the area of 1.50$.
Observations:
* has been in a protracted downtrend (Wave 2) since May 2021 after completion of 5-wave-impulse up (Wave 1)
* downtrend looks like a Double Zig Zag
* Double Zig Zag not yet finished, one more low, we seem to be in the middle of wave 5 of the Y-leg
Thesis:
Link was the star of the last bear market. It might be the star again of this bear market.
I expect it to break 10$ and hit the area around 6-7$. If we get a bigger crash, 4$ seems possible as well. 4-7$ could be the areas for reaccumulation before a new uptrend starts which would be Wave 3 in the bigger picture. Fib-Level fits nicely to around 200$ as a target.
This idea will need years to play out.
This thesis is proven wrong if we break the area of 1.50$.
Note
We hit the accumulation zone briefly last week. Link shows a clear reaction at the 1.272 extension fib. Let's see over the coming months if it forms a bottom here or indeed one leve lower at the 4$ region.
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.