Good Morning Guys. Before I start this TA let me say I am a novice trader but I like to educate myself and learn. I am a physician by profession(forced) but I always wanted to be on the wall street (still dreaming). I have read countless TAs in the last few months, good and Bad both. Most are dictated by emotion or are investment biased. A lot of people have compared 2014 to crash to recent correction and rightfully so. But what they are missing are the correct comparison of the timelines. Everytime we go down they start screaming 2014 crash and start making waves to justify and few days later they become bullish again and then bearish again and in this process our funds keep shrinking and shrinking and shrinking because we are trading emotionally not rationally and this had been the case with me too, may be more so than most.
Looking at the daily chart we can see we are forming a massive IH&S with neckline around 9k area. If we manage to break it we are going to the posted targets and that will be the bull trap for the ages and that is when the whales will want to short it, not at current levels. If I were a whale I wouldn't short now. I wouldn't short at 9k or 10k because they are small gains. I do agree with most TAs calling for 3k or 4k bottoms but we won't get there just now, because what is the fun in that. Lets ride up one last time before the crypto winter ensues.
Cryptocurrency will remain in the long run, we will see 20k again, but when? remains to be seen. I will remain in the ALTS for now making small trades here and there and ride the occasional wave up, but I won't short at the moment, because that moment is yet to come.
PS: this is not financial advice and please trade at your own risk. Criticism is most welcome.
Respect.
Looking at the daily chart we can see we are forming a massive IH&S with neckline around 9k area. If we manage to break it we are going to the posted targets and that will be the bull trap for the ages and that is when the whales will want to short it, not at current levels. If I were a whale I wouldn't short now. I wouldn't short at 9k or 10k because they are small gains. I do agree with most TAs calling for 3k or 4k bottoms but we won't get there just now, because what is the fun in that. Lets ride up one last time before the crypto winter ensues.
Cryptocurrency will remain in the long run, we will see 20k again, but when? remains to be seen. I will remain in the ALTS for now making small trades here and there and ride the occasional wave up, but I won't short at the moment, because that moment is yet to come.
PS: this is not financial advice and please trade at your own risk. Criticism is most welcome.
Respect.
Comment:
2014 IH&S is a little off. I couldn't draw what I wanted to but I hope you guys get the idea.
Comment:
Some wave counts to justify my idea.
Some wave counts to justify my idea.
Comment:
ABCDE followed by small impulse 12345 followed by large ABCDE correction.
Comment:
I am no EW expert I am preety sure these ABCDE are called something else