that was quick... i believe the primary wave 3 is in. market reached the main target of 5794. it may extend up or not but i do not recommend anyone to be long unless it is for your long term holding. i show a flat correction as an example to show how long the correction may take. but of course the pattern can be anything such as a triangle, zigzag, combination of corrections etc... primary wave 4 is unfolding.....
thank you for the Analysis.. are there any good books that you could suggest on Elliott Wave analysis.. I am new to this and trying to learn as much as possible.. thanks again for the support.. trade safe
user100000
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@adam_evangelos, any book that explains the basics is fine. also many online guides are available which explain the basics. the main problem is applying the rules to market action. practice as much as you can and watch how people count to get the feel of it. in the end, it is just one of the tools to help you manage risk
Your predictions have been very nice lately. Sorry for doubting you before. What is your longer view?
user100000
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@Johnsdad, thanks for your support. once the bear market correction completes, a new bull market will begin (primary 5)......... this is all part of the larger cycle degree wave III
BobbyBB
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Thanks for your update! Highly appreciated. Is there a chance that the retracement now is the wave 4 of the most recent cycle - till $5500/$5300 and then we can see wave 5 reach $6000+ before reaching the end of primary wave 3?
user100000
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@BobbyBB, yes it's possible the wave isn't complete yet but i always prefer to follow the fibs and exit at 61.8% level whenever the market allows for it. yes the market may extend higher or not. to me, it's not really worth the risk because the bull market (primary 3) is in the late stages. i rather watch from the sidelines