Chainlink--Breakout Stakeout
The chart shows Chainlink at an important decision point (against both the USD and BTC), a classical triangle with lower highs and higher lows. The lower line represents an important head and shoulders neckline which if violated will signal a likely substantial descent. The upper line has been well respected by price action so far and a breach will likely mean a resumption of the uptrend.
Is it possible that the 12.90 low so far in this correction is as low as it goes? Yes. That point is almost exactly the .382 fib retracement level, which is very common for an Elliott wave 4th wave correction. The wave degree is apparent on the Binance charts. Chainlink peaked on 16 Aug marking the end of an EW impulse wave 3 of primary degree, with the wave 1 previously peaking on 29 Jun 19 and corrective primary wave 2 ending on 13 Mar 20.
I’m a seller if/when the neckline is broken; a buyer if/when the upper trendline is broken.
Is it possible that the 12.90 low so far in this correction is as low as it goes? Yes. That point is almost exactly the .382 fib retracement level, which is very common for an Elliott wave 4th wave correction. The wave degree is apparent on the Binance charts. Chainlink peaked on 16 Aug marking the end of an EW impulse wave 3 of primary degree, with the wave 1 previously peaking on 29 Jun 19 and corrective primary wave 2 ending on 13 Mar 20.
I’m a seller if/when the neckline is broken; a buyer if/when the upper trendline is broken.
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