ChainLink (LINK) Has Initiated the First Impulse to a Trend Reversal

5개월 전

SUMMARY

ChainLink (LINK) had completed a classic Cup & Handle pattern that propelled price to complete the five waves up. The subsequent correction has retraced in a wxyxz pattern and the wick at the Z wave could have pinned the terminal end. The three month plus correction has also likely met the minimum time commitment to this correction. Of course, it can extend; but that always remains an underlining risk.

Close examination of subwaves show that the final Z wave has satisfied the abc and the final five waves of the C wave. We need to see a complete impulse up and thus far, that activity has just started with waves 1 and 2 completion and if 3,4,5 can also complete, then the first evidence of a trend reversal would be in.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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