Technical analysis by vs_sayin about Symbol LINK: Buy recommendation (5/2/2025)

Chainlink (LINK) Technical Outlook – Elliott Wave PerspectiveAfter applying Elliott Wave Theory, the chart appears to speak for itself — the downward corrective phase seems to have concluded.Zooming into lower timeframes, there are several bullish signs suggesting that LINK is primed for an upward move.Key Technical Reasons Supporting Upside Potential:Bullish Flag Formation: A clear flag pattern has formed in lower time frames, and LINK is currently testing its resistance level.Elliott Wave Count: Based on wave structure, Wave 3 appears to be nearing completion. Should we see a short-term pullback, it would likely be Wave 4, offering a strong buy opportunity around the support zone of the flag.Fib Confluence: The potential retracement aligns perfectly with the 50% Fibonacci level — a typical target area for Wave 4 corrections.Two Possible Scenarios:Immediate Breakout: With support from Bitcoin’s continued momentum, LINK could extend its current Wave 3 and break out from the flag without any significant pullback.Healthy Correction: Alternatively, LINK could retrace to the 50% Fib level before initiating the final leg of Wave 5 — providing a textbook buying opportunity.Target:In both scenarios, the upside target remains the same: $18.00 to $18.40 range.— Thanks for reading.Here it goes.Target was 18.47 but price stopped at 17.99 level. I will assume it was a fine analysis because the entry was around 13.53 .