### LINK Analysis (Chainlink) – According to Elliott Waves
* Bounce from the support area: The price has bounced well from a strong support area**, which may indicate that **wave four (iv) might have completed.
* The rise consists of only 3 waves: The upward movement so far consists of 3 waves (A-B-C)**, not 5 waves, which indicates that this movement is **corrective and not the beginning of a strong upward wave.
* Current interpretation: This upward movement is interpreted as wave B in a major correction. This means:
* There was a downward wave A,
* Now we are in a temporary upward wave B,
* And wave C is expected to come down next.
* Critical level: $18.33:
* If the price breaks below $18.33**, it is a strong signal that **the downward wave C has started.
* This level is considered a sign that the local peak may have formed.
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### Possible Scenarios
| Bullish Scenario | Wave four has ended, and a new upward wave (wave five) has begun | Formation of 5 upward waves + breaking the last peak |
| Bearish Scenario (currently likely) | The current movement is wave B, and downward wave C is coming | Breaking below the $18.33 level |
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