Chainlink - Mid-short term - Analysis
This chart represents Chainlink`s Mid-short-term Elliot wave Analysis.
Our long-term outlook for Chainlink is focused on the green cycle. After completing green Wave 2, Chainlink initiated its first impulse, which was followed by the necessary corrective movement, forming a one-two structure in light blue. This structure sets the stage for the development of the upcoming impulsive green Wave 3, whose price targets we shared in the broader long-term analysis.
Within this process, after establishing the light-blue one-two structure, Chainlink began to unfold a lower-degree cycle in dark blue. This lower cycle will serve to build out the light-blue impulse of Wave 3, which is expected to be followed by a corrective Wave 4 and a final bullish Wave 5 in light blue — thereby completing green Wave 3.
The dark-blue cycle has already completed its Wave 1 and is now retracing within our defined Fibonacci retracement zone. This zone extends from:
- 50% retracement at 21.69 USD
- 61.8% retracement at 20.23 USD
- 78.6% retracement at 18.17 USD
Trading Plan:
Within our Fibonacci retracement zone, we anticipate that Chainlink will complete its corrective dark-blue Wave 2 and subsequently resume its advance into light-blue Wave 3.
This area provides an attractive buy opportunity to align with both our primary long-term outlook and the mid- to short-term analysis.
Keep in mind:
This outlook reflects our primary expectation for Chainlink`s Mid to short-term performance. Always ensure that you review our long-term projections first before moving on to our mid- and short-term Elliott Wave analyses.
