Here's how I am seeing the current Elliot Wave trend.
Of course, if what happened between mid-November and mid-January was not a bottom but a bear market breather/relief rally, then this will be totally wrong and we will continue down from here with 8800 as the new ceiling/resistance area and 7700 as the next bounce area.
However - if it WAS a bottom - then this would be the most probable and likely Elliot wave trajectory and right now would be an extremely good time to buy (on sensible leverage and with sensible position size, of course).
Cheers and happy trading.
Of course, if what happened between mid-November and mid-January was not a bottom but a bear market breather/relief rally, then this will be totally wrong and we will continue down from here with 8800 as the new ceiling/resistance area and 7700 as the next bounce area.
However - if it WAS a bottom - then this would be the most probable and likely Elliot wave trajectory and right now would be an extremely good time to buy (on sensible leverage and with sensible position size, of course).
Cheers and happy trading.
Comment:
That Wave 2 can also be extended down to the 7700 area.
