Near Term support zones to observe. We may be done with the retracement. If it breaks lower, check lower support.
Plotted are the Fibs of three waves: Light blue is the entire wave, perhaps EW 12345, or just 123. Purple is a sub wave of the Light blue, perhaps EW 3. Red Fib is that of the retracement with 3/4/5.236's of interest.
$ 2.9280 may well be end of retracement. $ 2.85xx is quite possible if breaks lower. $ 2.78xx is Bulls Last Stand, uptrend in danger.
If we bounce here, there is a chance for a wave 5 yet. If we get a wave 5, we might get a slightly higher high. If 5 waves are done, then we will see an ABC retracement.
Previous LINK analysis: (not triggered) (perfect exits) (several long entries) (caught recent top) (perfect roadmap) (caught recent bottom) (caught the breakout) (caught all turns) (caught exact bottom)
Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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Oops! Just realized that the EW wave placement did not make it to live chart. This is what I was imagining for a possible wave 5 movement:
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Bitcoin threw a wrench in the mix with a flash dip, taking all coins with it but LINK recovered the sharpest and with highest amplitude. Watching the bounce now to see if projections can be made.
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Good news and Bad news. Good news: bounce should continue a little higher. Bad news: $3.05 resistance has now been re-enforced some more. The new 4.236 falls in that area, which might end this bounce or at least cause a pullback.
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Moment of truth, right up against the blue 4.236
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Definitely been noticed
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Decent reaction at the 3.618 but was pierced, so will looking at the 3.236 I think...
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Looks like bulls want to test that high again. If we do break it, there are still resistance zones nearby if we can break about the 5.236 at $3.0975, then it will have some room above. But it is better retrace where it "should" before going up higher, to build a support zone to fall back to.
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Nice Ping on the 3.236 even if it does not hold, it tells us this fib is still in control, and its energy is of course directed upwards. So if the 3.236 fails, then we look at the 2.618 next.
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Still attaching the 3.05 resistance I think it will break soon.
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making another run for it. Need to get past the 4.236 without revisiting the 3.618 below. The 3.618 support needs to be saved for later, in case of flash crash. If tested now, it will stand another hit later.
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Oh well, my conditions above did not play out Buills tried again to attack the the resistance at 4.236 but failed. Coming back to the 3.236 again, and probably lower this time...