ok, the triangle has been invalidated. it is now just a standard sideways flat correction (3-3-5 structure). this correction is similar to the jun/jul wave 4 (see blue arrow). both retracing 62% of wave 3 and of similar duration ~30 days
as the market is now in overall fear mode, i think that a retest of the next point of resistance will happen and this would be the around wave 1, in the range of 7800-8200
funtoo
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how shure are you that the market will recover that fast and not enter the next bear market that will last for months. my personal impression is that we are in fear phase and will/could enter capitulation phase which would lead to a more dramatic price decline
user100000
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@funtoo, cycle low today probably... please see latest chart
user100000
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@funtoo, best time to buy is now if you have the cash, imo