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foreign video about link so link has finally entered the support area here here at the there was a short period where it looked like it would already break out Above This descending trend line but you can see that the retest failed thats why it can be so useful to just wait for retest sometimes but most importantly weve now reached this support area here and it now looks like with the latest price info we have is that one more drop is needed in this way five of one to finish it um so as you might remember my my main count is bearish anyway for link so Im not gonna be convinced that anything bullish is going on until we really break first of all above 7.80 but more importantly would be a break above the 9.63 level and the daily chart Trend will flip bullish above 1170 so theres a long way to go for link um primary expectation is further down so the yellow count here is the primary one by the way no this yellow one is the bullish one I just I better change the color here for the um for the one second to want to get confused myself weve got the white count the white count is the bearish one so lets do that yeah and the yellow count here is the bullish possibility which exists yeah um and Im gonna talk about that first of all if we zoom out a little bit nothing has changed around links larger account here so the idea was still that we we bottomed you locally in May with the wave three we then had a triangle an Elliot wave triangle we topped in wave four here or peaked in wave four and were coming down now in this five wave structure um a wave one down in white so the wave two up yeah perfectly hit the resistance area here for a wave two got rejected now moving down in Wave 3 moving up in four and five and that could take us into the region around to 290 to 350 we dont necessarily need to get down that low but it certainly um is one of the targets that comes up when measuring the Fibonacci extensions however this is of course not going to happen in one straight line there will be ups and downs and therefore Ive sketched out the sub waves here so within this third wave and by the way Im going to move the yellow count to the side to not get confused here also that you dont get confused and the idea in this way three yeah Circle three um the idea is that obviously this is not going to happen in one straight line so in a wave three youve got five waves so here a wave one a wave two a wave three away four and a wave five and it couldnt it probably is nearly the case that this wave 5 is done um probably not not quite yet looks like we need one more low and then this is the support area where I made you aware that we will get into most likely in both the bearish count and the bullish count in the bearish count its a temporary Trend reversal area so the idea was to move down in five waves one two three four five in wave one of wave three this is nearly finished because we can see even in this fifth wave we can now count probably here one two three four one more low would be ideal but thats really micro micro counting here weve now come into this area anywhere from here we should now expect a reversal in a wave two um basically just a relief rally and if that happened from where we are currently it could take us all the way up to lets say the maximum I would say 752 above that its a warning that something more bullish might be going on already um but it would not really be invalidated on it until it breaks 780. the most likely area for this Wave 2 would be between 7.14 and 7.52 yeah but as I said one more low could be could be made here and um if we look at an ideal Target we take the um we take the length of the wave one go to the high of the wave four and and and and oh wow you can see actually we reached the one to one ratio perfectly already yeah that might have been a Target I gave you before because its the one to one ratio a very likely Target 4085. now if we get one more low it might be either 634 thats the one point two three six extension or 6.11 that would be quite strong actually that decline yeah um but anyway in here we would expect to move up could be finished already yeah but there is currently no sinus buttons no sign so so um first sign would be a substantial break out above this yellow descending trend line um what else to mention Well yeah if we look at the indicators I mean this is a four hour chart but you can see that we are or were oversold yeah were pretty much very very low here um and that is a sign that very soon here things should be changing really because you cant you know when youre so much oversold you can hold that for a while but at some point you need to see a little bit of a recovery we can see that the RSI is recovering already a little bit on the one hour chart now it can usually do that over time or by recovering to price wise at the moment it seems to be doing that just by consolidating sideways which tells me there could be one more load really yeah so thats actually the primary expectation one more low then recovery and then further down and uh yeah it could take a stand down in this wave three what about the bullish count bullish count also possible thats why I mentioned in previous videos that anywhere from in here I would expect a move to the upside it could be the bullish count or the bearish count but in both we would expect here some kind of a counter reaction because in the bullish count we moved up in a wave one and this is the Wave 2 support area between the 50 FIP retracement and the 78.6 retracement between 6.667. um here weve got at 640 weve got a support area yeah I think thats pretty pretty much the 1.236 extension that we just talked about the other way around so this is a bit of a Confluence of support and then we could move up in the third wave but as I said the yellow count the bullish count is not primary expectation is not preferred until the market really proves that it is working out here until the market really proves that we break above all of these resistance areas um its just generally the setup here for link is not very promising it looks like were rolling over it looks rather bearish look considering the context as well and therefore Im not overly bullish on on link recognizing though that this is a five wave move up so of course there is the theoretical chance it rallies from here if we had five up the problem is now weve got weve got five down as well so Im in favor more of the um bearish count yeah because the five up here could very well just be part of this larger a b c pattern where you have in the C wave obviously a five wave structure so it makes sense that this move up was five waves it was part of this Wave 2 ABC and uh would result in a further sell-off and thats how it looks to me um obviously not all in one straight line but um yeah from those support areas as I mentioned um recovery is expected but most likely only a relief rally in this wave too okay I hope you like the update about the 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Cryptocurrency! In this video I talk about a technical analysis of the LINK Chainlink price and I talk about some important price moves that are happening right now! 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