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foreign hello and welcome to another update video about link chain link we look at our daily update here its an interesting chart at the moment even though since yesterday we havent had too much more price action but a very nice head and shoulders is forming here above this support area this support area is quite quickly critical yeah it ranges from 5.80 all the way down to 5.50 yeah quite a relevant support area here so far weve touched it once twice here three times four five times actually and my assumption is that we continue the move down possibly into the region three to four dollars we will be able to specify that a little bit further as we get closer to that particular area down there um but yeah this has been my view for four months now I mean some of you will remember that I said that link has one of the most bearish setups well surprisingly it did hold really well throughout this whole period And every move down I assumed its going to break its going to break well it didnt break but it has only been moving in a Range really um um now we are basically we dropped below support levels here yeah and now we are just hovering above one of the last support areas we have before making new lows below 5.30 which was the May and June low so this is already you know in in overall my view is that this was only an elite wave triangle anybody whos familiar with Elliott wave triangle rules will know that it is a so-called a b c d e pattern and you would expect to break out to the downside of this triangle which then also happened and normally a breakout of out of these triangles is quite impulsive which also happened on the 9th of November um so we had a catalyst obviously there but it triggered what was already written in the chart and then weve moved down we basically made a lower high quite a significant lower high and since then weve been moving down in what I would consider an impulsive Decline and all we need now is to break below the lows from the 22nd of November around 5.50 so as soon as we break below this white support area I think this continues to roll down as mentioned we have a nice head and shoulders here targets we looked at that in the previous video I mean this is basically purely the target based on the head and shoulders and the breakout of the neckline would take us down into the 325 region which is pretty much in line with my Fibonacci extension targets of the Elliot wave count which also would take us into this region here look at the bearish Target level which has been on here for four weeks for months basically yeah so this is still expected to come down I think we are in a way three at the moment in a five move decline um within the Wave 3 youve got sub waves and my assumption is that we completed a wave one here around the 11th of December we moved up in a shallow Wave 2 and were now in this wave three to the downside which also have has sub waves five so we have a wave one a wave no one second we had a small wave one two a three a four and a five within this way three Oh see now I got confused with the wave counts now as well no all of this was this larger way three in the circle and of course here we have a five wave move one two three four five thats how it should play out and within this wave three yeah here weve got currently the subway is going on one two three currently in a four and one more like down in five to complete this wave three then there should be a correction to come down even further afterwards so however this plays out you know theres obviously a few options how this could play out in the short term I have labeled here one key option on the chart which would be now um a rather shallow way for retracement or even now it cant really be an elite wave triangle it would need to be um some kind of an A B C pattern here which could be done already yeah but its a bit too early to confirm that the break below five dollars and 67 would basically confirm that this Wave 4 is over it looks like an ABC to me a three wave structure at the moment can we still push higher yes we could still push higher I mean in this way four we could still be looking at I need to just adjust that we could be looking at prices all the way up to 6.35 um that would however most likely then be um a wxy pattern because an ABC is most likely finished now however if it extends with one more leg or so it could be a wxy its a more complex correction then um and that could lead first of all to a 621 level and then 6 35 these are the key levels that I would then be looking at um because an ideal Target for a wave 4 is normally that 38.2 percent Fibonacci retracement level yeah the maximum it should do is 635 what happens if we go above 635 would it be bullish no it would not be bullish at all in my opinion we have dropped too far for the bullish scenario to play out there is a bullish case on the chart I wont believe it until we really get above 7.80 um the yellow count is the bullish count that you can see here we can make a case for it as we moved up here in five waves it could be a wave one this could be a wave 2 doesnt look corrective at all looks rather impulsive and we would then move up in a wave three to the upside but weve dropped a bit too far we havent invalidated it but it made it quite quite unlikely so yeah my view is still a continuation to the downside here unless we go above 780 then we need to think about something else however even if we get above this a 50 retracement which would be lets call it too bullish for a way for I would just there is another option here I mentioned it in the previous video this could just be a b wave to the upside no problem at all um it is very much possible that we count the sub waves here as ABC structures so it would be an ending diagonal and then we have something here like an a wave down a b wave up which could extend a bit more and then a c wave down so Im gonna look at that if it you know if we have to um but at the moment it all points further to the downside for me yes recovery possible as I said um and but probably just for the purpose to create a nice head and shoulders here thats sort of what I see in the charts at the moment and there isnt really much more to talk about I think you know we are currently in a difficult environment for many altcoins the link is still holding fairly well compared to many but I think its just waiting for this support level to break as well the the structure just doesnt it just doesnt it it would be very hard to you know interpret something bullish into all of this very hard so um yeah and on the way down to be honest to fulfill the higher level scenario of making one more low in a way five here we all we need to do is ready to break below 5.30 the Milo we dont need to get necessarily to 290 to 350 I mean I sometimes get the questions do we need to go that low no we dont need to um the chart higher level bigger picture yeah link has done what it needs to do in this correction it doesnt need to drop any lower it has come down far enough for such a higher wave degree Wave 2 correction but to fulfill it also on the smaller level on the smaller scale now it would be ideal to make a new low and it also doesnt really show any impulses currently to the upside to interpret here that the yellow count is working out here to interpret this as something bullish it needs a lot of imagination and um I dont have enough evidence for that okay and thats my my view about link I hope you like the update if you did please hit the like button leave a comment and subscribe and if you really like the content then please check out the channel membership thanks a lot for watching bye Chainlink LINK Price News Today - Technical Analysis Update! 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