Short

Luna Top

Updated

In the short term, the Luna top is in. If this is an impulsive wave it will probably go to at least the .786 (probably lower). Corrective waves can also be 5 waves which means it could make a lower low if btc goes down.

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Extended 5th. Can now count 5 waves in the 5th AND the 5 in the final top. Rising wedge at the top. Bearish Volume divergence from the wave 1 and RSI triple top.
Exact top? Maybe not. Top area. Likely!

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Zooming in to the top (5 of 5).

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Cloning the height of the short term wedge. Either the wave 5 top could be above (if it breaks up) or if the wedge breaks down then the move looks like it could be over.

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Wedge has spilled down.

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For it to remain bullish it must now reclaim this area (red line) as support.

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Above the green and it may continue. Below the red and we're probably down and out for some time.

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*PROVIDING THIS WAS THE TOP*
^^^^^^^^^^^^^^^^^^^^^^^^^^

I would expect re-accumulation to take place down in the box.

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Cloning the height of the triangle gives the height of the breakout target in either direction. If it goes down I have laid out the targets.
If it breaks out with volume then it would be time to look at upside targets.
Still bearish bias.

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short term bearish div approaching this triangle top. Also would like to see 90+ RSI for a confirmed break out. RSI a little too low for bulls IMO.

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2 rough wave counts. Pick your poison. Place your bets.

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Pretty low targets if this bearish set-up fulfills itself.

thekevin

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