Foreign Welcome to another update video about Chain link we take a look at the chain Link chart today as we generally don't Have too much movement at the moment in The crypto space I want to take the Opportunity to also take a look at the Longer time frame chart the longer term Chart and the overall Um yeah how do we say the overall Long-term Target actually for the next All-time high Um But um well yeah maybe let's start with That so overall the chart is basically In his first larger one two setup here Um it made its wave one to the upside Back in May 21 peaked here at Round 53 54 and is since then coming down in a Wxy corrective structure Um wxy by the way is more complex Corrective Elite wave structure where Each of these waves has three sub waves That is different to an ABC ABC is the Most simple wave structure Um the wxy is a little bit more complex But we see that in the more complex Market today more and more Um Overall here to understand that we are In this so-called y wave now so we have The wave WF the wave X and we are moving Down in the Y wave and interesting is That the Y wave obviously consists of a
Wave a a wave B and the wave C my view We are putting in the wave C at the Moment and in the wave C we have five Waves so we've done here a wave one two Three four five and the way four was a Very very long triangle we talked about That but in my opinion we have Um Well we haven't broken it yet but Basically I think we want a good way to Breaking it that would be in line with My primary expectation I've been talking For a long time about the situation that We should get one more low here I would Really like to see that for link Um I mentioned a while ago there's Actually one of the most bearish setups Here we have in the crypto space but It's also the chart that really took a Long time now to finally break to the Downside so we take a look at that in a Minute Um one of my um Viewers and subscribers and then steady Asked me If I could take a look at a pattern from Bitcoin in the last bear Market which Um was here 2019 2018 2019 where the Chart also made something very similar And as you know with Elite waves it's All fractals and chart patterns repeat Each other or repeat themselves so here You can see that oops where we have been Coming down from the wave one high to
The downside w x y and especially Important here this long sideways range Which has lasted since or started in June and is basically continuing into Today so July August September October November so 45 months we've got here and Looking at this chart you can see the Very similar structure maybe this was Even a w x y structure as well where we Also had this very very long sideways Movement and funny enough this also Started in June really Um I mean depending on when you start You really let's get let's just impound That Um but yeah no why not you know we could We could argue this also started sort of In in June here with this sort of long And boring sideways move Um and it was finished sort of well uh 14th 15th of November right so let's see If we see another seller very soon but Basically the the idea was you know it's A very very similar chart structure very Similar pattern Um where we also but it was squeezed Much more I mean you could even say this Started way earlier really so but we had A massive descending triangle here Um very obvious one a very obvious one And here with link we had also a very Very obvious you could call it a Descending triangle or a symmetrical Triangle really but it Trends
Continuation pattern that would usually Break to the downside now it hasn't Really fully broken yet and the reason Why it hasn't I'm telling you as well Because Um when you have an edit wave triangle Like that A B C D E you would expect it To break to the downside which it also Did yeah it avoided very very very very Closely to break above the wave see high That would have missed the chart Structure up But because it didn't break above the Wave C high this is still a better Triangle and we're looking at the Impulse now to the downside but you want To first of all get an indication that It's really broken by breaking below the Wave d low that's the first indication Is broken which we did you know we broke Below that level but the confirmation Will really only be obtained as soon as We go below the low of the wave B now That is at around 5.30 I've been waiting for that now for A while Um we're still not there but very close I've got a bearish Target there 290 to 350. now that would be the ideal Target But let me tell you we don't really need That if the wave e high was really here Then we have a chance to just you know It's it's enough to just go below the B Wave low yeah we don't really need to go
Much below 530 it could be at five Dollars this thing is over but if I look At the sub waves now it would suggest we Come down a bit lower because I can Count this as a wave one to the downside Which bottomed here at around 5.82 then here Wave 2 to the upside Normally I would say we come down now in The wave three problem is that the move Down wasn't really impulsive so I'm Actually looking at the possibility that We get an extended wave tool And that what we're doing here is just An A B and wave C to the upside a little Bit like the Ada chart so Um a b and now C up With a possible Target around the 750 Level right But um the point is if we already break Earlier below 570 then I think we're Going to retest 530 and will come down Lower so for me at the moment there is Absolutely no signal here that this is Turning around and going to the upside Um if it does I will of course make you Aware but for me the trend is at the Moment still down there isn't really Anything bullish on this chart until we Break back above 963 and even better Would be a move above the 11 and 50 Level Okay that's my update about link I hope You like the update if you did please Hit the like button leave a comment and
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