Where is Luna in the bigger Elliott Wave cycle?
I think we're in wave 5 of 3 right now. That means after this peak, we are in for correction wave 4 of the bigger (yellow) wave. The white dotted ray marks the end of wave 4 of the most recent smaller (grey) impulse, which tends to be the lower bound of the upcoming correction (see white solid line drawn earlier.) This means that Luna COULD pull back to 50, not that it necessarily will. This would be followed by another 5 move impulse wave up, typically but not necessarily surpassing the peak of our current wave (yellow wave 3.)
Obviously this is over a significant timeframe, the pullback to 50 could certainly take place during a crypto wide bear market which wouldn't be an unreasonable retracement overall. It also doesn't mean it necessarily will happen, just that it's not off the table.
Obviously this is over a significant timeframe, the pullback to 50 could certainly take place during a crypto wide bear market which wouldn't be an unreasonable retracement overall. It also doesn't mean it necessarily will happen, just that it's not off the table.
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