LUNA Elliot Wave Flat Correction, possible pullback to $40-50

So I'm new to Elliot Waves but I'm trying to make sense of what is going on with Luna these days.

Log chart, LTF (1 week.) Pretty clear 5 wave impulse to the top.

Second bounce around prior ATH would fit for a bull market flat correction.

Zooming in a bit closer, we can see confirmation of 3 waves down and back up.


To complete this bullish flat we should expect 5 waves down to around the same level as A, or somewhere between 42 and 50. Using S/R levels, it could look something like this.


Looking at the chart with indicators, we are seeing a downtrending RSI and MACD, so a further pullback is certainly in the cards.

And lastly, looking at volumes for the last 6 months, the 40-50 range is where we start hitting truly strong support if the bottom falls out on the current prices.