Foreign Welcome to another video about a link Chain link Um is currently following here The forecast in that it basically Touched this yellow support area that I Defined in my last link video now to be Accurately missed it by three cents Um I would still consider that Target reached which means that it's we Just need to be ready it could reverse From here now because this is the trend Reversal area in which I would expect Link to reverse ideally it gets further Into it and ideally it touches it but it Missed it by three cents which sometimes Happens in a volatile Market this Reversal area was based on Um the 78.6 percent flip level and the 50 FIP level here between 667 and six Dollars basically yeah Um and I told you yesterday that I would Expect ideally The price to get into this area or at Least touch it in both scenarios that we Have on the chart so we have on the Chart the bullish scenario and the Bearish scenario very clearly the Bearish case has to be primary Expectation and it is at the moment Until the chart proves something Different Um important here when it when it comes To trading you know you normally don't
Want to trade against a higher level Trend for me the high level 20 is still Down or at least we haven't seen a Confirmed Trend reversal yet Um at the moment my view is that this Whole movement of The Well of the Melo Has been an Elliott wave triangle with An expected break to the downside which Happened yeah then we've seen after the 9th of November here um well okay we Made another low into the 21st of November were massively oversold So we saw a counter reaction here we saw A bit of a relief rally and uh yeah then We reacted to the resistance area and We're now coming down and we hit the Next support area or missed it by three Cents if you wanna if you want it like That Um but very important are a few things Here to mention so Um let's first talk about the bearish Count the bearish count is for me still On this chart the ideal count just Because we haven't seen enough bullish Stuff to consider something different my View is that of the 9th of November or 8th of November high of we came down Very impulsively in a wave one we Retraced in a wave two next we'd be Moving down in the wave three move up in Four and come down in five within this Wave three yeah we are obviously in a Five wave structure and with that latest
Low that we made um was it today or Yesterday no today we formed five waves Down yeah so the move down could be Finished ideally it goes a little bit Lower But it could be finished so we've got Five waves down we could have wave one And yellow complete I would expect then A wave 2 retracement to the upside and The way three down away four Up and Away Five down yeah Um This is the bearish count and Very clearly I can tell you what I Expect my expectation is because this Wave 5 is a bit short it is valid but It's a bit short Um because it is a bit short it does not Reach or it did not reach the ideal Target what would you normally expect You would normally expect Um the one-to-one ratio at least at 644 That would certainly be an ideal Target Here for the fifth wave because we Haven't reached it my assumption is That we are still going to come down and Reach it you know Um however you can see here a descending Trend line we've got three touch points Here now And if we break above this trend line I Think that would be the first indication That this wave 1 in yellow is finished And that we're moving up in a wave two
Let's say Wave 1 is finished what would Be the target for the yellow Wave 2 well I'd be looking at the area between Ideally the 50 retracement at 725 and The 78.6 percent retracement at 757. we Can specify that a bit further should we Really break out now of this Um trend line but until we break the Trend line for me the trend is still Heading down yeah because we're making a Series of lower lows and lower highs However just without looking at the Indicators you can straight away see That the indicators will show a bullish Diversion yeah you don't even need to Look at indicators you just see that Straight away and there you go you know Lower low on the price higher low on the Four hour RSI so be ready for a trend Reversal here in my opinion and that is How I would treat it it would be most Likely just a pullback yeah a corrective Pullback in a larger downtrend and I Also made you aware in the previous Video about the possible bullish Outlook Um But it's not high confidence only a 35 Probability which is not too high Um and that is the idea that we could Have bottomed here on the 21st of November moved up in five waves yeah in The bearish count I've got this as a c Wave in the bullish con I've got it as a Wave one and we're now moving down here
In a wave two and also the support area Is relevant here as well for this wave Too and if we now break above uh the Trend line then in the bullish count the Bullish interpretation we could count This as a third wave but again because It's not high probability I will not Treat it like that we can however Be a little bit more confident that Indeed we are in the bullish count if we Break above the 78.6 retracement above 757 that would be the first indication That the bearish count may not work out But it's the bullish count and then if We break above 781 it would indicate Even stronger that the bullish count is Working out here These are indications yeah they are not Confirmations really confirmation that We are in Bull mode here This chart will only give above 11.70 Yeah this is where the daily chart Trend Will turn bullish Um however the next level of Confirmation would already be 963 a Break above that level so that's how I How I see link so focus is still on the Downside because the context suggests it Um but I already told you in this video What would need to happen to consider Something more bullish here okay and That's my update about link I hope you Liked 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 Thank you