Largo
LUNA Elliot Wave Flat Correction, possible pullback to $40-50
So I'm new to Elliot Waves but I'm trying to make sense of what is going on with Luna these days.
Log chart, LTF (1 week.) Pretty clear 5 wave impulse to the top.
Second bounce around prior ATH would fit for a bull market flat correction.
Zooming in a bit closer, we can see confirmation of 3 waves down and back up.
To complete this bullish flat we should expect 5 waves down to around the same level as A, or somewhere between 42 and 50. Using S/R levels, it could look something like this.
Looking at the chart with indicators, we are seeing a downtrending RSI and MACD, so a further pullback is certainly in the cards.
And lastly, looking at volumes for the last 6 months, the 40-50 range is where we start hitting truly strong support if the bottom falls out on the current prices.
Log chart, LTF (1 week.) Pretty clear 5 wave impulse to the top.
Second bounce around prior ATH would fit for a bull market flat correction.
Zooming in a bit closer, we can see confirmation of 3 waves down and back up.
To complete this bullish flat we should expect 5 waves down to around the same level as A, or somewhere between 42 and 50. Using S/R levels, it could look something like this.
Looking at the chart with indicators, we are seeing a downtrending RSI and MACD, so a further pullback is certainly in the cards.
And lastly, looking at volumes for the last 6 months, the 40-50 range is where we start hitting truly strong support if the bottom falls out on the current prices.
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