Foreign Welcome to another quick update about Chain link yesterday in the video I Completely forgot to tell you the or to Talk to you about the promised long-term Targets for a new Autumn Hive for chain Link so we are going to do that in this Video that's why I'll do another update Today already Um it continues to be my view that the Trend is further down here for chain Link and we're currently hovering just Above a 6.20 support level we are Consolidating in my opinion that is Rather bearish at the moment it's just a Consolidation after a strong red uh or a Couple of red candles on The Daily just Sideways movement that normally would Suggest further continuation into that Direction but I cannot rule out at the Moment is sort of short-term upside here In the wave C we talked about that Yesterday that basically after the Triangle broke here that wave e broke Um well all reversed to the downside as Anticipated that this was only the wave One we are now moving in a wave 2 there Will be a Wave 3 down a wave 4 up in the Wave 5 down how much we really come down We will need to see Um all we really need to do to put a new Low in place and to fulfill the overall Scenario is to put a low in place below The Wave 3 low from the well middle of
May really it was at around 5.30 so Anywhere below that would be fine to Sort of give it a chance to reset the Count And start a new structure from scratch And not such a messy uh not build let's Say new structure based on on this Because it is not really anything you Want to build let's say new all-time Highs on right Um it is not a it's not a not a solid Structure let's say like that Um okay so this is still the view that We come down further right and at the Moment as I said we can go into the four Hour chart then we take a look at the Longer term wave count here the view is That because we haven't really come down Impulsively here well even for link it Might look a little bit more like an Impulse but the view is that there is a Good chance that this year was only a Wave one yeah then here an A B and we're Currently putting in the C wave so Basically a flat pattern or an expander Flat that could be where we move up in Wave C to around 750 that's possible you Currently have a lot of coins and charts Where that is actually possible Um if we don't really get close to the Wave a high then that would suggest that We're already in the third wave down and Wave 2 was actually already in here and This is just here the part of the or
Element of the Wave 3 already so we've Got the wave one here a wave two there Will be a wave three down of three away Four and away five now these are sort of The possibilities here but really Um again my view remains that there Isn't really anything bullishy on this Chart until we get above 963 and even Then I would still have my doubts I Would want to see a move above 1150 that Would put the whole chart context into Something more bullish I had a question From someone who asked what is if we Don't break to the downside and my Answer was well then we do go up it is As simple as that right I mean I would like to see a lower low that Would be good for the chart Um it doesn't need to go to 290 to 350. That's sort of an ideal Target for that Um But The point is ideally you want to get a Lower low so that the chart can start From from scratch really Um to reset the count because this is a Structure that is not really great to Build a new all-time high on as I said Um and really if we don't break down Yeah well then then we don't you know Then then we don't fulfill this scenario And we will go up but again then we are Constrained sort of below 960 963 and Until we get above that level the
Downside pressure remains so this could Still and I mean I hope not but this Could become a very very extended Triangle still I mean no we haven't even Broken below the low of the wave B that Means You know this could just still be the Wave D yeah it could be I I don't think It is because of the impulsive move down But then again we had quite an impulsive Move down here as well Um Just need to be open as long as we don't Really break below the wave below it's Not confirmed this count But it I think I'm leaning towards it Especially as we're hovering below this Ascending trend line right so um yeah Focus further on the downside especially As long as we don't get above 9.60 so Long term Target for link chain link Sort of all-time high targets that is All based on the assumption that chain Link will or link will recover of course Um which I hope it will you know which I Think it will So we can just do a roughest let's say Not estimation but a measurement For the Target let's say we make one More low let's say we go to five dollars Which is just I need to base it on some Assumptions Um and then this would be the low of the Wave two because this was a wave one
High back in May 21 coming down in wave Two now I think it's not finished yet at Least no no evidence for that and then The wave three to the upside that is the First major all-time high Target should Take us to 92 dollars I think that's Quite decent for uh something like chain Link or link and that would be only the Wave 3 and that's the minimum Target Could even go down all the way up to the 200 extension 112 113 then there should Be a wave four down and away five up That would be the second all-time high Target and then we talk about Maybe 150 US Dollars yeah so this is Sort of of course a bullish Interpretation basing it uh it's based On the assumption that link will recover Uh without coins there's always risk so This is not guaranteed but this is the Target should link recover and should it Move to a new all-time high then you're Looking at these prices so that's my Update about link 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 Thank you