Image Source: Pixabay

Elliott Wave Analysis – TradingLounge Daily Chart, Chainlink / U.S. Dollar (LINKUSD)

LINKUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave 3
Direction Next Higher Degrees:
Wave Cancel Invalid Level: $13.00

Chainlink (LINKUSD) Trading Strategy – Daily Chart
🔗 After completing corrective wave II with a clear ABC pattern and holding above key support, Chainlink (LINK) is showing bullish momentum. This bounce suggests the early stages of wave III, often the strongest in an Elliott Wave sequence. A 1.618 Fibonacci extension of wave I places the potential wave III target at $26.24. Sustained strength above the channel midpoint increases the likelihood of reaching or exceeding this level.
The critical technical level is $13.00—a drop below this invalidates the current wave structure and requires a recount.

Trading Strategy:
Approach:

✅ Swing Traders:

If LINK dips to the $15–$16 range, this could be an ideal entry for wave 2 of III.

Risk Management:

🟥 $13.00 is the wave cancellation level—falling below this means the current wave count is invalid.

Elliott Wave Analysis – TradingLounge H4 Chart, Chainlink / U.S. Dollar (LINKUSD)

LINKUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave 3
Direction Next Higher Degrees:
Wave Cancel Invalid Level: $13.00

Chainlink (LINKUSD) Trading Strategy – H4 Chart
🔗 LINK has successfully completed wave II correction and remains above support. This bounce could signal the onset of wave III—commonly the most aggressive wave in an impulse sequence. If wave III extends to 1.618x wave I, the projected target is $26.24. Staying above the mid-channel zone increases the probability of hitting or surpassing this target.
The $13.00 level is critical for the wave structure. A decline below this point invalidates the current Elliott setup.

Trading Strategy:
Approach:

✅ Swing Traders:

Consider entries around $15–$16 if prices dip—likely wave 2 of III.

Risk Management:

🟥 $13.00 is the invalidation point for this wave count.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

More By This Author:

Unlocking ASX Trading Success: Cochlear Limited - Tuesday, May 13
Elliott Wave Technical Analysis: Exxon Mobil Inc. - Tuesday, May 13
Elliott Wave Technical Analysis: New Zealand Dollar/U.S. Dollar - Tuesday, May 13