Given the current wave count, I agree. If we see prices go above $3720, then we know this count needs to be revised :)
That said, I do think a sharp retracement is in order. Since the market tries to hurt the most people, if we get a sharp upward retracement, many will jump back on the bull wagon, thinking we've hit bottom, only to get crushed in the next down swing.
This is so true. I have learned to be patient with it. Nothing goes down or up straight. I see so many people in forums saying buy now buy now just to burn others. Happens all the time. I think we will see lower lows now. if more exchanges decide to shut down in china it will add to the lows.
I couldn't agree more on patience. That is one great thing about Elliott Wave... it gets you in the habit of anticipating the next move instead of chasing the current one.
Given the current wave count, I agree. If we see prices go above $3720, then we know this count needs to be revised :)
That said, I do think a sharp retracement is in order. Since the market tries to hurt the most people, if we get a sharp upward retracement, many will jump back on the bull wagon, thinking we've hit bottom, only to get crushed in the next down swing.
This is so true. I have learned to be patient with it. Nothing goes down or up straight. I see so many people in forums saying buy now buy now just to burn others. Happens all the time. I think we will see lower lows now. if more exchanges decide to shut down in china it will add to the lows.
I've seen that too.
I couldn't agree more on patience. That is one great thing about Elliott Wave... it gets you in the habit of anticipating the next move instead of chasing the current one.