LINKUSD Is Finishing A Higher Degree Correction
LINKUSD is finishing a higher degree correction, as we see it nearing strong support zone from Elliott wave perspective.
LINKUSD is trading bearish since May 2021, but weekly wave structure from the highs looks like a clear three-wave A-B-C correction within a higher degree wave IV that can find the support soon, ideally at the former wave (3) swing high and equal wave length II = IV. Recovery for wave V in 2023?
Wave C is a motive wave and it should be completed by a five-wave cycle of the lower degree, so looking at the daily chart, seems like it's now trading in final stages of (5) of C after recent sideways triangle consolidation within wave (4).
Technically speaking, we believe that LINKUSD may find the strong support between 5-4 support area, just keep in mind that bullish confirmation is only above 13 level. Invalidation level remains at 1.5.
Happy holidays and all the best in 2023!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
LINKUSD is trading bearish since May 2021, but weekly wave structure from the highs looks like a clear three-wave A-B-C correction within a higher degree wave IV that can find the support soon, ideally at the former wave (3) swing high and equal wave length II = IV. Recovery for wave V in 2023?
Wave C is a motive wave and it should be completed by a five-wave cycle of the lower degree, so looking at the daily chart, seems like it's now trading in final stages of (5) of C after recent sideways triangle consolidation within wave (4).
Technically speaking, we believe that LINKUSD may find the strong support between 5-4 support area, just keep in mind that bullish confirmation is only above 13 level. Invalidation level remains at 1.5.
Happy holidays and all the best in 2023!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
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