LINKUSDT Short-Term Trading Plan (Elliot Wave)
After the dump in mid-March, LINKUSDT has finished all 5 waves of Elliot Wave, which had a point 2 pulled back to 0.65 level from point 1, point 3 was at 1.618 ish extension of the first wave, and wave 5 had the same length as wave 1, which indicated the completion of a 5 wave. And it then seems to form an expanded A-B-C correction, point B is also the all-time high at around 4.95 ish. Today (just moments ago), the high we reached was 4.94, and all levels of many indicators at multiple time-frames were at overbought, then an immediate dump followed by the attempt to reach the all-time high, which indicators that 4.94 is very likely to be the high (point B) of this correction A-B-C.
Another interesting point is that if we take the Fib retracement from point 4 to point 5, point A is pulled back at 0.65 level, which led me to also treat it like another simple A-B-C move. And then when I take a Fib extension from the bottom to the top, point B is almost exactly at 1 to 1 level of this Fib extension. So, we have the all-time high at 4.95 as a heavy resistance; this 1 to 1 level take profit price of the simple A-B-C move (wave A is from point 4 to point 5) which I marked in bold red is also forming a heavy resistance since people who longed at the 0.65 retracement is going to take profit at this level; then on the top of that, you have 8 hour, 4 hour RSI and many other indicators at overbought levels. In conclusion, I think we are going to have a pull-back at least, so short in the near term. I shorted at 4.93 with a take profit at 4, which is near the point C of this correction move. Thank you guys.
Another interesting point is that if we take the Fib retracement from point 4 to point 5, point A is pulled back at 0.65 level, which led me to also treat it like another simple A-B-C move. And then when I take a Fib extension from the bottom to the top, point B is almost exactly at 1 to 1 level of this Fib extension. So, we have the all-time high at 4.95 as a heavy resistance; this 1 to 1 level take profit price of the simple A-B-C move (wave A is from point 4 to point 5) which I marked in bold red is also forming a heavy resistance since people who longed at the 0.65 retracement is going to take profit at this level; then on the top of that, you have 8 hour, 4 hour RSI and many other indicators at overbought levels. In conclusion, I think we are going to have a pull-back at least, so short in the near term. I shorted at 4.93 with a take profit at 4, which is near the point C of this correction move. Thank you guys.