LINK uppdate

So so so. Our Link is still in buying zone, and this presents a great opportunity. Remember, it always comes with a risk, so stop loss is always in place (mine at 18 dollars).
Link has painted one of the clearest examples of the Elliott Triangle, which is almost always found in wave four correction. Why is this pattern so interesting?
Because it has significant market psychology insights, as shown in the chart at point E, which is the climax of the triangle, most of the market participants are exhausted. There is a lot of bearish sentiment, with investors expecting lower prices. However, if the investors would pay attention to the chart and fundamentals, it would realise that FA is still strong and intact with some bullish news coming out, but more importantly, a higher low is in place with dry volume on the selling. This suggest seller are exhausted. Indeed the name of these moves is exhaustion moves. In this case, sellers are exhausted trying to push prices lower, and the buyers are free to step in and move the prices higher with little struggle.
You can also appreciate the Elliott wave channel, which gives us the targets for wave 5.
TP1 = target constructed from price pattern completion
TP2 = major profit taking area with possible top formation from Fibonacci extension with golden ratio
TP3 = Final target profit from fibonacci extension 0.618 (most common target for end of wave 5).
It is little to say that momentum indicators all flags LINK as oversold with few bullish divergences forming.
The fact that it feels uncomfortable to buy in this area with a lot of negativity reinforces the bullish hypothesis. The best trades are in painful emotional states in the market (extreme fear and extreme greed).
P.S. I bought some link to my GF for XMAS.
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