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foreign to another update video about um link so no change to the last video here we talked about that we could have completed here wave one to the upside on the 9th of Feb this wave one did sit here before but with the latest strong drop to the downside and I think it did nearly invalidate yeah just about invalidate the previous structure it didnt actually fully invalidate it but I in the last video I moved the box and changed the overall assumption here in that we made an a wave down overshooting B wave and this is a c wave to the downside could become a running flat could become an expanded flat running flats and above the a wave expanded flats and below the a wave and so weve got this support error between 658 and 588 where it can turn around however this really needs to turn around um here at some point in this area because if it drops below 588 it will probably activate or reactivate or yeah however you want to say it this white structure this is the structure where the Bears are in control so wave one to the downside a wave 2 to the upside three four five that would be the bearish count it is very imminent yeah so it doesnt need much to put the bass into control here so it just needs to drop below 588 and because this structure has become a bit of a chop yeah also with this overshooting B wave and the strong drop afterwards I dont trust it too much so what I have I done Ive just added my grid bot again which is clearly in an advantage in such a choppy environment and oops end and end um yeah I believe weve got with this strange structure here that is produced because its come down a little bit too low for the previous scenario that I had because the idea was one two setup here and then another one to set up um but its come down just to basically near invalidation so Ive changed the count in the last video to understand it as an ABC structure here which also isnt ideal there are some floors isnt ideal there are some floors and therefore I dont fully trust it thats why its thats also why I didnt buy link yet um while I have purchased some of the other coins that are currently in their support areas I mean you could even argue that link isnt in the support area yet um but because of this strong move up and the strong drop I I dont fully trust it so Id rather Id rather want to see whats going on here ideally if it turns around here so ideally it makes one more low turns around here maybe at 6 58 would then rally in a third wave certainly would break above the 950 level which is the previous swing High here of the November the November high and then would also rally hire that would be the ideal scenario the grid bot would love that um but yeah in the short term I dont you know its a bit its a bit uh its a bit unreliable whats going on here yeah um so thats really all I can tell you it needs to hold the 588 level below that 588 level this one two sets up isnt gonna work out anymore um its the 78.6 flip level again drop below that level would a nine of 10 cases invalidate such an 1-2 setup no actually it doesnt invalidate it but okay in nine of ten cases it typically would get invalidated then eventually because nine of ten one two setups fail if the price dropped below the 78.6 FIP level strictly as per well as per traditional ta rules or not ta but ew Elite wave rules a wave 2 isnt invalidated until it drops below the beginning of the wave one and thats also clear and true and you know its an absolute valid rule but thats when um yeah thats when experience comes into play and I can tell you that this is a very important support level anything below that is a stronger retracement than it would be ideal yeah thats my update about link I hope you like the update if you did please hit the like button leave a comment and subscribe and if you really like the content then please check out the channel membership thanks a lot for watching bye Trade on Bybit:Receive an up to $30,000 bonus see terms on Bybit Chainlink LINK Price News Today - Technical Analysis Update! 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