ChainLink (LINK) Has Initiated the First Impulse to a Trend Reversal

SUMMARY

ChainLink (LINK) had completed a classic Cup & Handle pattern that propelled price to complete the five waves up. The subsequent correction has retraced in a wxyxz pattern and the wick at the Z wave could have pinned the terminal end. The three month plus correction has also likely met the minimum time commitment to this correction. Of course, it can extend; but that always remains an underlining risk.

Close examination of subwaves show that the final Z wave has satisfied the abc and the final five waves of the C wave. We need to see a complete impulse up and thus far, that activity has just started with waves 1 and 2 completion and if 3,4,5 can also complete, then the first evidence of a trend reversal would be in.

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