LunC Short term Pull back
Updated
Looks like a 5-wave minor 1 has been completed. Probably a "sell the news" event due to staking being re-activated. Expect a pullback now for a week or 2 before the next leg is kicked off by the on-chain burn tax news.
(I was unsure of the actual wave 2 minor ending which is why I have marked out the 2 possible end points - not that it matters or affects the count. Purely pedanticism.)
(I was unsure of the actual wave 2 minor ending which is why I have marked out the 2 possible end points - not that it matters or affects the count. Purely pedanticism.)
Note
Looks like we are finishing up an elongated B wave. Ready for the C.Note
lunC still has a close relationship with USTC.Looking at USTC it has done a simple abc correction. LunC could also have finished a high retracing (bullish) abcde. I will be sceptical until it breaks the 1.0 line again and continues up however. Either waiting for the .618 area to start averaging back in or the 1.0 break out to rebuy.
USTC:
Note
The price action still needs to break out the 'flag' set up but it looks like it could have done an abcde. I'll be more bullish providing a break out of the symmetrical triangle (which isn't guaranteed at this point!):
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.