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I love this song also! Joni Mitchell is great.
Moon and June rhyme, and there is a saying “The Moon in June.” It is when the moon is at its highest altitude from the Earth, in the month of June.
Like the high moon in June, ferris wheels are really high up. They are typical at American carnivals. Two people sit inside a compartment and spin on a large wheel that allows wonderful bird’s-eye views of the landscape.
Ferris Wheels allow one to see “both sides” of the world—from the ground level, and from the sky.
The rest of that lyrical stanza:
Moons and junes and ferris wheels
The dizzy dancing way you feel
As ev’ry fairy tale comes real
I’ve looked at love that way
Bring it into context.