We see that the market goes through correction consisting of ABC. Now the wave 5 of C is in the progress. Mark 5 is where I expect the current movement to hit and mark C is where it still could go to finish the correction process and be able to move up. Worst scenario is similar to year 2013 with around 90% correction during 2 years, counting the current impulse from the first wave I have marked on the chart.
In the light of above my strategy would be to buy the bounces and sell counting on the Elliot Waves principles. Also would use Fibo levels to spot these levels for opening long short term deals.
Same could be used for short deals opening. We are now in the bear market and not clear how long in terms of timing it will last.
I agree completly. I'm thinking of entering longs from 8k to 5k. Even if the worse case scenario happens there will be a big bounce before that to sell and take profit. Don't you agree?
aledidenko
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@cankarako, I agree. This is what I am awaiting to enter long now - a lower low and see where the volume goes up to catch the bounce. Even during the downtrend price will fluctuate so we could gain some profits