LINK (Chainlink) Market Update – Elliott Wave Based Analysis
LINK has completed a potential 5-wave diagonal pattern to the upside, reacting from the Fib 123.6% extension at $16.64, marking a significant short-term top.
Market Structure:
Wave Count: 5-wave move (diagonal), potentially complete.
Current Status: Pullback underway; still within bullish structure.
Critical Support Zone: $15.02 – $15.93
Invalidation Level (Wave Count): Break above $17.00 would invalidate the current yellow wave count unless adjusted.
Key Levels:
Entry (On Pullback): $15.20 – $15.50 (within micro support)
Stop Loss: Below $15.00
Short-term Targets:
Target 1: $16.64 (previous high)
Target 2: $17.30 (138.2% Fib extension)
Target 3: $18.46 (extended wave scenario)
Analysis Summary:
As long as $15.02 holds, LINK has room for one more high, possibly targeting the $17.30–$18.46 zone. A break below $15.00 would shift focus to a deeper corrective wave (wave 2), and invalidate near-term bullish momentum.