Chainlink has been showing a textbook technical setup. After spending most of 2023 in a prolonged accumulation phase (highlighted in the range-bound consolidation box), price action broke out and has since been respecting a clear harmonic and Elliott Wave structure.
We’ve now likely completed waves (1) through (4), with a clean breakout from the wedge suggesting the beginning of the final 5th impulsive wave. The projected target zone for wave (5) sits between $53 and $59, aligning with key historical resistance and Fibonacci extension levels.
🔹 Support Zone: $15.14 — key structure and prior breakout level.
🔹 Mid-Level Target: $33.96 — potential resistance and consolidation area.
🔹 Final Target Area: $53.00–$59.34 — Wave 5 objective.
🔹 Stretch Target: $75.60 — if momentum exceeds expectations.
The ascending trendline from mid-2022 continues to act as dynamic support, helping guide this move. As long as the structure holds, the bullish thesis remains intact.
📈 Watching for confirmation of continuation and volume follow-through as we head into Q4.
#LINK #Chainlink #LINKUSDT #CryptoTA #ElliottWave #Harmonics #Altcoins
We’ve now likely completed waves (1) through (4), with a clean breakout from the wedge suggesting the beginning of the final 5th impulsive wave. The projected target zone for wave (5) sits between $53 and $59, aligning with key historical resistance and Fibonacci extension levels.
🔹 Support Zone: $15.14 — key structure and prior breakout level.
🔹 Mid-Level Target: $33.96 — potential resistance and consolidation area.
🔹 Final Target Area: $53.00–$59.34 — Wave 5 objective.
🔹 Stretch Target: $75.60 — if momentum exceeds expectations.
The ascending trendline from mid-2022 continues to act as dynamic support, helping guide this move. As long as the structure holds, the bullish thesis remains intact.
📈 Watching for confirmation of continuation and volume follow-through as we head into Q4.
#LINK #Chainlink #LINKUSDT #CryptoTA #ElliottWave #Harmonics #Altcoins
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.