As I mentioned in my previous post, LUNC failed to consolidate above the Fib 0.618 level. While it dropped near the red line on the chart and is showing a slight bounce, this movement isn't particularly significant. The priority now is for the price to reclaim and hold the 0.618 level without further delay. Otherwise, I expect the correction to deepen a bit more, as shown in scenario 'B' on the chart.
Since this is a short term 1 hour chart, I don't give it too much weight, but it’s useful for judging the depth of the post-rally correction and gauging the strength of the following move. Given the massive rally LUNC has had, the current pullback is actually very minor...in fact, it looks very organic
$LUNC