Navigating this chart poses quite a challenge given the intricacies of the candlestick formations. Despite this complexity, I've endeavored to apply my understanding of Elliott Wave Theory to analyze and potentially forecast future movements. However, I acknowledge the possibility of error, whether it's due to miscounting waves or other factors. I welcome alternative perspectives and suggestions.
Upon studying the chart, it appears that CHAINLINK has been undergoing a corrective ABC wave pattern since its inception, reaching a peak in 2021 before embarking on a corrective phase. The analysis becomes particularly nuanced due to nearly a year of consolidation, forming a triangle pattern likely indicative of the final wave C within its correction. If my interpretation is accurate, CHAINLINK has recently completed wave 1 and is poised for a correction with wave 2. This correction may target the 0.764 extension level or potentially fall below it. At present, the short-term trend appears bearish while the long-term outlook leans bullish.
Upon studying the chart, it appears that CHAINLINK has been undergoing a corrective ABC wave pattern since its inception, reaching a peak in 2021 before embarking on a corrective phase. The analysis becomes particularly nuanced due to nearly a year of consolidation, forming a triangle pattern likely indicative of the final wave C within its correction. If my interpretation is accurate, CHAINLINK has recently completed wave 1 and is poised for a correction with wave 2. This correction may target the 0.764 extension level or potentially fall below it. At present, the short-term trend appears bearish while the long-term outlook leans bullish.