Chainlink(LINKUSD) Elliott Wave Technical Analysis 12 October 2022

By Peter Mathers of Trading Lounge

Elliott Wave Analyst - tradinglounge • Oct 12, 2022 at 12:07 AM EDT

The price is still on a short-term downtrend. There is an opportunity to trade.

Chainlink(LINKUSD)

LINKUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave (3)

Direction Next higher Degrees: Wave V of Motive

Details: The price is still on a short-term downtrend. There is an opportunity to trade

below 5.311 but must not pullback above 8.533

Wave Cancel invalid Level: 8.533

Chainlink(LINKUSD)Trading Strategy: The decline of Wave (3) is likely to be 1.618 x Wave

(1) at the 5.508 level. This could be a short-term opportunity to open a short position.

However, the price must not pull back above 7.732.

Chainlink(LINKUSD)Technical Indicators: The price is below the MA50O and MA200 lines,

MACD and MACD Histogram have bearish Divergence the trend is bearish.

(Click on image to enlarge)

Chainlink(LINKUSD)

LINKUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave (3)

Direction Next higher Degrees: Wave V of Motive

Details: The price is still on a short-term downtrend. There is an opportunity to trade

below 5.311 but must not pullback above 8.533

Wave Cancel invalid Level: 8.533

Chainlink(LINKUSD)Trading Strategy: The decline of Wave (3) is likely to be 1.618 x Wave

(1) at the 5.508 level. This could be a short-term opportunity to open a short position.

However, the price must not pull back above 7.732.

Chainlink(LINKUSD)Technical Indicators: The price is below the MA50O and MA200 lines,

MACD is below the Zero line, and the trend is bearish.

(Click on image to enlarge)

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