Elliott Wave Analysis TradingLounge Daily Chart, 2 July 2023, Chainlink/U.S.dollar(LINKUSD)
LINKUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Impulse
Position: Wave V
Direction Next higher Degrees: Wave V of Zigzag
Details: Wave V is likely to end at the 4.926 level and a five-wave rise will confirm this idea.
Wave Cancel invalid Level: 4.926
Chainlink/U.S.dollar(LINKUSD)Trading Strategy: Chainlink has recovered well from the 4.926 level and is also able to form a strong five-wave structure, giving Chainlink the opportunity to form a new upward trend. But even so, the price is still below the MA200 line, causing the price to face selling pressure. So wait for the reversal in wave ((2)) to join the trend again.
Chainlink/U.S.dollar(LINKUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, Wave Oscillator are bullish momentum
TradingLounge.com Analyst: Kittiampon Somboonsod, CEWA
DAILY CHART
Elliott Wave Analysis TradingLounge 4H Chart, 2 July 2023,
Chainlink/U.S.dollar(LINKUSD)
LINKUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Impulse
Position: Wave (5)
Direction Next higher Degrees: Wave 1 of Motive
Details: Wave 5 is usually equal to .618 multiplied Length of wave 1 through wave 3
Wave Cancel invalid Level: 4.926
Chainlink/U.S.dollar(LINKUSD)Trading Strategy: Chainlink has recovered well from the 4.926 level and is also able to form a strong five-wave structure, giving Chainlink the opportunity to form a new upward trend. But the price has moved in five waves. As a result, the price may be correct in wave ((2)), so wait for the retracement in wave ((2)) to complete to join the trend again.
Chainlink/U.S.dollar(LINKUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillator are bullish momentum
CHART 4 Hour
