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.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.