Yes yes, we know... this is rather a glum view of the market BUT, we'd rather be open to every possibility so that we're not taken by surprise.
According to Elliott Wave Theory, it's often the case that if Wave 2 is a simple correction, wave 4 turns out to be a complex correction. This seems to be what we're seeing right now. Wave 2 was a simple ABC correction and now wave 4 appears to be a flat (or maybe a zigzag correction). If we pierce the highs, it's likely it's a flat correction. If we stay below the highs, it may be a zigzag.
For confirmation that we're moving towards the 200 mark, we'll be watching for the break of the red trendline to indicate that bears have stepped in.
It'll be a no brainer to buy around the 200 mark as we're expecting the next wave to reach above 1k!
Goodluck and as always, trade safe!
According to Elliott Wave Theory, it's often the case that if Wave 2 is a simple correction, wave 4 turns out to be a complex correction. This seems to be what we're seeing right now. Wave 2 was a simple ABC correction and now wave 4 appears to be a flat (or maybe a zigzag correction). If we pierce the highs, it's likely it's a flat correction. If we stay below the highs, it may be a zigzag.
For confirmation that we're moving towards the 200 mark, we'll be watching for the break of the red trendline to indicate that bears have stepped in.
It'll be a no brainer to buy around the 200 mark as we're expecting the next wave to reach above 1k!
Goodluck and as always, trade safe!
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Weekly Chart
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