Foreign [Music] Video about train Link Link continues to Follow the bearish wave count here you Will remember that we moved sideways Here well you will remember that we've Been moving sideways here for months Really in my opinion all of that Can be seen as an elite wave triangle a B c d e and then that we broke down here Already out of the triangle to the Downside we just haven't broken below The B wave low yet and this is actually Quite a bearish setup we have run here Into resistance in this wave too Um in a c wave yeah That's my understanding uh so basically ABC and we are now coming down and this Is how it would ideally work out by Following the bearish wave pattern Okay So [Music] Um In in this wave count we would Eventually reach sort of the region Around whatever three dollars okay Um I see this happen possibly if Bitcoin Really makes a new low We can currently see very nicely how Chain link moves completely different to Bitcoin and ethereum so we don't need to Talk about correlations really yeah we Need to take every chart on its own but In this wave count we obviously moved
Down in wave one we moved up in the wave Two a very clear three-way structure Here ABC and then would come down now And this is how it would play out so With um One done wave to done most likely yeah We hit resistance here that was the 38.2 Percent flip level then we would move Down on the way three move up in four Four and move down in five four five and So on and complete the bear Market Within this wave three we are currently In wave one there should be a two a Three a four and a five and within this Wave one in yellow we are in this White Wave count and we've probably done that Would be ideal a wave one two three four And we could now be in the last wave Down in a way five of one I can also Give you a target range for that And we take for that we take the length Of the wave one we add it to the high of The wave four and it would give us as a First Target the 6.48 level I think that Would work out quite nicely in terms of The proportions 650 648 yeah Um it could stretch all the way down to 6.11 that would be the 1.618 extension That would be quite strong though yeah I Don't see that necessarily happen Um yeah and this is how it would work Out as per the bearish count the primary Count that is yeah but I also will have To show you a more bullish
Interpretation and that is I haven't Done that before yeah because I told you That really and until we break above 9.63 And there is not really anything bullish On this chart and that is still true However I think It would not be responsible to not show It to you at all I always usually try to Show your bearish in the bullish count Um this bullish card that I'm going to Show you certainly has a much lower Probability I would give it maybe a 35 Probability if I had to assign a Probability to it Um The thing is because I possibly see a Small year-end rally starting possibly Next week in crypto and we look at Ethereum Bitcoin they are moving And yes correlations are always a bit Difficult because coins often don't Really follow Bitcoin in that case you Know sometimes you've got Bitcoin rally You have a lot of coins not moving at All at the moment So I don't really necessarily want to Focus on that but if we really get a Year and really and there's some Positive sentiment coming into the Market link might do well as well and There is certainly a chance that the low Was in here again it's not my primary Expectation but because this c-wave is a
Five wave move up here if it's a c Wave It's a five wave move up then it could Be and it's not my primary expectation But it could be that the bear Market Ended here and that we are now moving up In a one two if that's the case you Haven't missed anything because the best Trade setup you get is normally a one Two setup and it's up to you to decide If you want to trade this long but for Me it's it's too unreliable at this Stage yeah Um but let me show you the possible Bullish count it would mean obviously Moving up in in five waves Um if we add the five sub waves now to This C wave yeah it doesn't really make a Difference because the C wave is a five Wave move anyway but the thing is Because we made a low here yeah lower Than the previous low we can understand This here also as a wave one where we Start a new uptrending structure and Just to show you the sub waves here it Would be a one here a two here in my Opinion and we moved up in three this is The four and this is a five just need to Change the wave degree but yeah this is Certainly Um how it could play out this would then Be a wave one and we are now coming down In a wave two and this could be an a Wave B wave and now we come down in
Yeah Um possibly a c wave yeah one two but Also this would come down I don't really like the structure it Fits better the the bearish structure Very clearly here Um especially if we break below this low At 677. But I still show you the key support Area if this is a bullish count what Would be the key support and uh Turnaround area but again it's not a Primary expectation and I won't really Take it seriously until we move above 963 we can take it a bit more seriously If we break above 781 Um which is this high but the key Support area for this count would be and That would be a turnaround area for the Bullish count again not primary Expectation but it would be between six Dollars and 667. yeah if we see a Bullish reaction to one of these key Supports either six dollars 6.40 6.67 Then we could already turn around here But Looking at the context and context is Very important in Elliott wave I cannot See that at the moment now the context Doesn't convince me and even if there is A potential to turn around here there Are currently much better chance to Trade for example ethereum has a much Higher probability for me to to move to
The upside Um This year is one where I would really Want to wait until I see the move above 963 to be honest personally yeah Um but yeah this is a possible bullish Count so we want to have it on the radar And I keep tracking it but it is much Lower probability than the bearish main Count okay and that's my update about Link I hope you like the update if you Did please hit the like button leave a Comment and subscribe and if you really Like the content then please check out The channel membership thanks a lot for Watching bye [Music] Thank you