I wanted to apologize for my post earlier today. Technically the two points of the trend line meeting the last swing low failed, but with this bounce and a minor adjustment, it looks like it could still be intact if you connect the previous lower lows. Technically in EW terms, this can still be valid as long as WAVE A of the ABCDE triangle isn't surpassed
This of course could be wishful thinking, and the moment of truth, so take this with a grain of salt. But as I posted earlier, you just don't know when everyone of the weak hands will be flushed out, or when the bear market will end
I put the Triangle as an alternate for now (IN YELLOW), since the last trend line was slightly broken, so I'm being cautious. But this is why I always have some skin in the game and ladder. I changed from short to neutral or long for those of you that have a bigger risk tolerance
Have a great night
This of course could be wishful thinking, and the moment of truth, so take this with a grain of salt. But as I posted earlier, you just don't know when everyone of the weak hands will be flushed out, or when the bear market will end
I put the Triangle as an alternate for now (IN YELLOW), since the last trend line was slightly broken, so I'm being cautious. But this is why I always have some skin in the game and ladder. I changed from short to neutral or long for those of you that have a bigger risk tolerance
Have a great night
Comment:
Looks like the Triangle is still holding. There is major resistance coming up, but if we can close on a daily bar above the white line of the yellow downtrend line, that would be a good sign indeed. It may take a few more days or weeks, but this is good, because it's more accumulation by large players before the apex is hit. We are not out of the woods, by any means, but this is encouraging