Back in August 2022 the local .786 Fib retracement level proved to be an important one, as LUNC bounced significantly higher. Now, LUNC has reached another local .786 retracement level. Could it pivot upward here to complete what might be the possible 5th wave in an Elliott impulse?
Will be watching closely and trading appropriately.
Please do your own research. This idea is not to be considered financial advice. May YeHoVaH bless you.
Will be watching closely and trading appropriately.
Please do your own research. This idea is not to be considered financial advice. May YeHoVaH bless you.
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Within a matter of 10 hours from posting this idea, LUNC rose ~65% from its position on/around the .786 retracement level. Hope you're all profiting from the bounce!
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LUNC still seems to be on track for an ascension to the recent macro top. It occurs to me that perhaps the drawn target for wave 5 might be a bit high, so a more conservative target may be advisable.
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Swing short has been closed on the apparent market pivot. Could we see a fifth wave ascension here? Good luck!
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A long position is active. With new information and a slightly updated chart, I'm now targeting the .786 retracement line (to complete the possible 5th wave) on the Fib channel.
