ChainLink recent gave us an ascending correction which indicated to us that there's a correction coming for more upside or a reversal. In this case we saw a correction in the for of a descending ABC channel, which is currently showing rejection at the 618 fibonacci level.
Trade Idea: - Watch for a break of the descending red trendline for entry - Put SL below the recent lows - Target the fibonacci levels indicated: 0 and -0.27.
Once we're at the bigger wedge resistance, we'll be looking for shorts. See below: