Many are requesting a chainlink chart. Chainlink is approaching a great buy opportunity. It is trading in a bearish pennant, which suggest lower prices are on the way. However, I believe the pattern objective won't be completely exhausted, and link will touch 20 to resume then the bull run with solid momentum. 20 dollars is a strong support area, as it is a crucial lower high from February, flipping of resistance back in July. It is also where the diagonal support is created by linking together the low of waves 2 and 4. It is where the 0,618 retracements of the last rally are sitting, which is also the target for the retracement of wave 1 of the new bull run. It is beautiful. after this last week/10 days of weakness, LINK will climb up to break the descending wedge and reach 35 to complete the continuation inverse HnS. The indicators are starting to look great, with the RSI and Stoch RSI daily approaching the oversold area. The first target then will be 56. However, as a final target for this bull run, I have 297. I hope you understand everything in the chart. If you need any clarification, just comment below.
Nice analysis ! Could you explain how you found the last target 297 ?
Thank you !
CFcryptoTA
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@Hector_Bienvenu@Hector_Bienvenu, Hi, thanks for your comment. The target comes from the Elliott wave analysis. We have now started wave 5 ( the last impulsive wave of the bull market), the target, as described by Elliott for wave 5 is the 0.382 or 0.618 projection of wave 1 length plus wave 3 length. Studying the markets the most common target is 0.618. Although 297 is my final target, the market needs to be reassessed along the way with particular attention at 0.382 sitting at 91 dollars. So far CHAINLINK is following the Elliott wave analysis perfectly, with the last rally being wave 1 of the new bull market breaking the reflex point of wave 4. I will soon do a live stream where I will explain Elliott wave analysis, stay tuned.
Hector_Bienvenu
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@CFcryptoTA, Thank you for your interesting and well detailed explanations ! I'll stay tuned ! Thanks