TECHNICAL: As Luna approaches weekly support, an M pattern has printed on the daily timeframe. M patterns typically complete at there neckline shown by the green ray. Also price has retraced perfectly to the .786 Fibonacci ratio of the weekly impulse before starting o make its move up. During that correction the market printed an ABC corrective wave (EWT). This type of corrective wave signals the market has made its final move before changing direction. Intraday time frames will analyzed to determine entry point.
Comment:
Entry was triggered and the market made an impulse up. Stop loss has been moved to the entry price. We are now running risk free.
Trade closed: target reached