Terra and its cryptocurrency LUNA is the 9th largest valued cryptocurrency. LUNA has been on a strong trend higher since the March 2020 pandemic low of $0.10 recently reaching a high of $10. This represents a 1000x move in just under two years.
The Current Elliot Wave for LUNA
There is a clean five-wave impulse pattern from March 2020. By itself, this pattern suggests we are nearer the end of the wave than the beginning.
Within wave (5), we can see another impulse wave that is fairly advanced and mature. As a result, I believe we are in wave 5 of (5). This is a terminal wave at two large degrees of trend.
When the final subwaves are in place, LUNA would undergo a large correction.
Video Analysis of LUNA using Elliott Wave
When zooming into a 4-hour price chart, we can see LUNA is correcting lower in wave ((iv)) of 5 of (5).
This implies that LUNA will finish this wave lower then punch another all-time high in a fifth and final wave at multiple degrees of trend.
Bottom line
LUNA is another punch of an all-time high before beginning its biggest correction since March 2020.
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