BINANCE:LINKBTC   ChainLink / Bitcoin
LINK has formed a strong uptrend. First 1-5 wave has already come to the end, we can see it by RSI divergence and oversold zone on Stotch RSI , so logically we should now have a wave A-B of a correctional ABC. In case the price fixes above the resistance and trades around 0.00039 we can notice a breakout of this resistance to make a new ATH.

In case our scenario works, the price will move down to 0.00015 level where it's pretty safe to buy and stay in an uptrend. At the moment LINK attracts investors by savage growth and now it's time to shake out new traders - time for a correction!

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I don't think the 4th wave could go to the 1st wave area.
I agree with you

Does not look that your idea will work.
+1 Reply
I have experimenting with elliot wave analysis lately. The rules are 1) Wave 3 cannot be shortest, 2) Wave 2 cannot exceed low of wave 1, 3) Wave 4 cannot overlap with wave 1.
You can analyse correctly using a line chart -
+2 Reply
LuanCeli karthiksai

@karthiksai, but wave 3 is the longest if you watch from weakly time frame:

By the way, 3 wave can't be the shortest but doesnt mean it has to be the longest. Wave 3 can be also smaller than wave 1.
karthiksai LuanCeli
@LuanCeli, The waves i drew are the sub waves of weekly Wave 5 you mentioned. We are currently at the initial stage of sub wave 5 of the weekly wave 5. Wave 1 is the shortest. We can know the longest wave only after the weekly wave 5 is complete. There is mistake in the chart I shared. look into this
What makes you so sure to publish this idea with imperfect waves ?
+1 Reply
Wave 4 should not end below peak of wave 1. Look to the logarithmic USD chart to see that the whole way from your 2 to 5 may have just been wave 3.
+3 Reply
CoinRepoMan CoinRepoMan
@CoinRepoMan, nice analysis regardless!
+1 Reply
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