ChainLink is approaching some serious resistance zones in a tight cluster. Clearly rejected from them previously, but each rejection is less severe. Break out or slow grinding through resistances could let loose a big jump.
$ 3.86-3.89 would be extended target of this wave. $ 3.66-3.71 would be the usual target, at 4.236 extension. $ 3.12-3.16 should be achievable before next pullback.
$2.65 is immediate support, break below dramatically reduces odds of new highs. $2.50 is the psychological support bolstered by Fibs, bulls must hold to keep uptrend. $2.20 is the absolute lowest it can be allowed to drip, or the entire trend is in jeopardy.
Previous LINK analysis: (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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Link stabbed through the two immediate resistances, but might be stuck on the thin line above those two exact pings could be the start of a rejection. Retrace to previous resistance becoming likely now, and would actually be a good thing. We all know what happens when something goes straight up!
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We might be ready for a significant pullback here, see notes on chart:
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Watching Band 2 (2.618, 2.236) for retrace and bullish bounce
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Continuing to march up the fibs, but just hit the final resistance before breakout and it was clearly noticed. Lets see how much it needs to retrace. I will watch the pullback for signs of rhythm, which would help project a target.