LunC Update

By thekevin

Updated

I believe we are in a wave 4 and still have 1 last move up after this correction is over.

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Anything changes and i'll update under this post.

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Primary count (meaning we have 1 last move up):

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Secondary count (meaning we are in for a larger correction). Again, not yet my PRIMARY count:

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Currently finding support on the .382 of the wave 3. It could hold here but usually long wicks get tested with actual candle price action. That would also coincide with the 0.5 fib which is probably a more realistic pullback.

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Digging deeper into EW theory of the correction (for anyone reading far enough to care).
Looks like we're doing a 5-3-3 ABC correction. The C is of course currently unknown for sure until it ends:

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Per the last update I still expect a slightly lower low for the 5 waves within the c of C.
However, we could have 3 waves within the c of C. This coupled with the .382 retrace would mean we have had the 'minimum viable' requirements for the pullback to have ended:

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If the price continues above 0.00043 I would say the correction could very well be over. Until then there could still be 5 waves (4 complete) of this last c leg.

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That's all my downside targets hit. Congrats if you caught the bottom!
If you bought lower (or current price per the time of this update) sticking a stop-loss at the last lows for peace of mind wouldn't be a bad idea. Also should be low % risk.

Per my primary count we should have a wave 5 now. Even if it is my secondary count we will probably get a 5-wave B back up - which could go to 0.00042-46 region. Either way, it may go to that region (as the B top or a first higher low for the wave 5). So, you can take profits there too.

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Providing we do break into a wave 5 now I probably won't be updating any targets as it happens.
However, I will update you shortly after I believe the top has been in so you don't end up bag holding all the way back down. :D

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Targeting 0.00046-49. After this it should pull back. After a pullback it will either make a higher high and continue into the higher waves within a wave 5. Alternatively, it will make a lower low and this price target will have been the top of a 5-wave B wave.
I am still leaning on the bullish count but of course nothing is 100% certain.

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Looks like it slipped to the original target of 0.618 of the wave 3 as original projected.

thekevin

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