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Elliott Wave Analysis TradingLounge Daily Chart

ChainLink/ U.S. dollar(LINKUSD)

LINKUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave Y

Direction Next higher Degrees: Wave ((II)) of Impulse

Wave Cancel invalid Level: 8.498

Details: Wave (II) is likely to have ended and prices are resuming the uptrend.

ChainLink/U.S. dollar(LINKUSD)Trading Strategy:
ChainLink overall is still in the period of correction. In the position of wave (II) with a double corrective pattern, the view is therefore for a short-term pullback before rising again in wave (III). Waiting for the correction to complete to rejoin the uptrend.

ChainLink/ U.S. dollar(LINKUSD)Technical Indicators:
The price is below the MA200 indicating a downtrend. The Wave Oscillator is a Bearish Momentum.

Elliott Wave Analysis TradingLounge H4 Chart

ChainLink/ U.S. dollar(LINKUSD)

LINKUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave Y

Direction Next higher Degrees: Wave ((II)) of Impulse

Wave Cancel invalid Level: 8.498

Details: Wave (II) is likely to have ended and prices are resuming the uptrend.

ChainLink/ U.S. dollar(LINKUSD)Trading Strategy:
ChainLink overall is still in the period of correction. In the position of wave (II) with a double corrective pattern, the view is therefore for a short-term pullback before rising again in wave (III). Waiting for the correction to complete to rejoin the uptrend.

ChainLink/ U.S. dollar(LINKUSD)Technical Indicators:
The price is below the MA200 indicating a downtrend. The Wave Oscillator is a Bearish Momentum.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

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