LINKUSD is finishing a higher degree correction, as we see it nearing strong support zone from Elliott wave perspective.
LINKUSD is trading bearish since May 2021, but weekly wave structure from the highs looks like a clear three-wave A-B-C correction within a higher degree wave IV that can find the support soon, ideally at the former wave (3) swing high and equal wave length II = IV. Recovery for wave V in 2023?
Wave C is a motive wave and it should be completed by a five-wave cycle of the lower degree, so looking at the daily chart, seems like it’s now trading in final stages of (5) of C after recent sideways triangle consolidation within wave (4).
Technically speaking, we believe that LINKUSD is finishing a higher degree correction and it may find the strong support between 5-4 support area, just keep in mind that bullish confirmation is only above 13 level. Invalidation level remains at 1.5.
Happy holidays and all the best in 2023!
Silver can be already back to bullish mode. Check our free chart HERE