Chainlink's brutal correction flowchart

Chainlink is correcting. I think we all saw this coming. What might surprise you is just how bloody it could get. Not long ago, everyone who'd ever bought Chainlink was either in profit or at least break even. That isn't true anymore. The actual basement on this dump is around $4.90, or right about where this last parabolic rise began. I don't think it'll hit that, but I'm not putting my money into Link for at least half a day. Maybe more like half a week. In green we see support lines. Chainlink's overall channel is in white with a purple heartline. Whenever we pop above the purple line, we've been due for correction. Whenever we pop above the white channel, we're due for severe correction. Chainlink could recover from any given support level shown. I'll treat only the bottom as a definite buy level unless price action and my indicators tell me it's once again a good buy. In the long run, Chainlink has tremendous potential. It's at the very beginning of a blue sky breakout, and several bloody corrections just like this one will play out over the next one to three years.

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Oh boy. Watch yourselves. It's often a good idea to buy the first big dip and a terrible idea to buy the second one. I suspect that we've just had the first big dip, we're going to either bounce off of or slightly come over that top white line, and then the correction should begin. I won't discount the possibility that Link is the Amazon of Crypto - that it'll be overbought in perpetuity and will always "Trade rich" as they say.