The analysis focuses on the Chainlink (LINKUSD) chart on the 1-hour timeframe, detailing an Elliott Wave corrective structure. The speaker identifies a completed fifth wave to the downside within an anticipated A-B-C correction. Specifically, the C-wave is considered a five-wave move (1-2-3-4-5). A key support area, defined by Fibonacci extensions from the A-wave, is noted between $13.22 and $12.35, with a critical level at the 161.80% extension at $12.201. The market has recently touched this range, and a small reaction has been observed. The speaker notes that the C-wave in an A-B-C correction typically has a similar or slightly longer length than the A-wave. While a double bottom or a slightly higher C-wave low is acceptable, a decisive break below $12.20 is critical for invalidation. The analysis suggests that if the market shows upside momentum from the current levels, it could mark the beginning of a new impulsive move, potentially targeting prices around $17.00, representing a potential wave 3 or c-wave completion in a larger upward trend. Until a clear upward breakout is confirmed, the immediate pressure is considered downward, with any upside moves viewed as corrective bounces within a broader corrective phase.