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and welcome to another update video about chain link also chain link not doing too much here still here in this last wave of this overall correction here uh chain link produced this wave one back in may 21 as many other cryptos as well it was an impulsive wave to the upside we are now in this corrective wave down we come down quite a lot but this is entirely and completely normal we talked about these price levels between six and yeah eleven dollars back in december and we finally came into it and it is nothing unusual for any young asset like a cryptocurrency to get into this price area in a correction in a wave two after the wave one you get your wave two which is a corrective wave consists of three waves for three wave structure in this case the w x y structure um which is again subdivided into different waves in this case the y wave is subdivided into a b c and in this c wave we are of the wave y of the wave 2 and if we zoom in now into the yeah possibly the one hour chart um we can see that chain link moved here into my target area of the wave 5 already so technically we can say it required it completed all the requirements to complete the overall correction here we talked about that this larger yellow area was my target area back in november at december that hasnt changed at all yeah we came into it perfect touched the 88.7 flip level slightly went below it but immediately bullish reaction the chart structure is much much better than what bitcoin produced here at the time yeah um we moved up into the wave 4 target area i told you that as long as we dont get above the wave 4 this is still not bullish yeah it is still just corrective and we saw a very strong reaction to that wave 4 we came down in a wave 5 this could be complete now not entirely convinced yet it is not high confidence yet so we touched away for target by the way five target area here at five dollars and 25 and as expected from here we saw a bullish reaction a bullish reaction but what you would normally expect is to get a little bit deeper into it yeah um however we touched it and the minimum requirements to complete also here the short time frame correction is over you know the long term its all its all been completed from the moment on when we first came into this yellow target area here between eleven dollars and um 40 and six dollars pretty much between the 88.7 and the 78.6 target area um or fibonacci retracement area um but also its also important to understand on the short time frame and short term timeframe you know where are we there have we completed the the smaller degree wave count and in my opinion here we could have yeah we could have but its not high confidence yet its not high confidence for the for for two reasons one reason is bitcoin hasnt completed the correction yet so there is actually an increased probability that we still go down lower so i still have my my view is still even though it could be complete but my view is still primarily that bitcoin also makes a lower low and therefore that chain link starts to move up from here i find it very unlikely at the moment im looking at the chart in itself and looking at the pattern that is produced here its an ascending broadening wedge which also would be rather a bearish pattern you know if you look at that its just generally one which would rather break out to the downside um its quite a rare pattern happens but it would be rather a pattern that breaks to the downside not guaranteed but um also here looking at the structure impulse down this looks like a correction to the upside we have a lot of overlaps a lot of strong retracements that doesnt necessarily look too bullish even though we could count this as a leading diagonal but again in an ascending broadening wedge formation very rare and you know its all about probabilities and yeah as long as we dont make here strong price action above 9.68 and we have a price structure like that im not convinced that we have seen the low yet so what we would need to see is a clear impulse to the upside a five wave move to the upside followed by a corrective move down to get confirmation until then its all a guess so we want to see that five wave move up ideally above the wave four high that would give us confirmation everything below that is purely a guess all right but we need to understand also based on probabilities chain link will turn around here very soon because there is just not much more downside potential yeah were pretty much close to bottoming out if we havent bottomed out already so dont be surprised if at any point in time changing starts to move to the upside from here but to get confirmation these are the two things i want to see a five wave move up a three wave move down and price action above the wave for high above the previous swing high and then not only moving above that but also retesting it from below so what we want to see is and ill keep you up updated about that anyway you know as soon as i see something in that ill make you aware but we want to move higher and come down and then hold that level yeah hold that level with that support here but if we dont do that and if we make something like that that is not bullish okay so this is what were looking at here and keep you updated yeah so far chain link is doing nothing unusual and everything going in line at the moment with expectations here we had a reaction to the target area that is what is expected yeah that you when you touch it when you first get into it you bounce off um then the question is what is the structure thats building here at the moment this looks for me very corrective which means when we have a corrective move up there will be another impulsive move down and this area is located between 2.51 and 5.30 but i dont think were gonna get that low im really sort of thinking about somewhere in in the in the upper half here maybe four to five dollars should be doing it Chainlink LINK Price News Today Technical Analysis 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