This update is going to be a bit different than usual, but still a very important one.
In the last few weeks, I have shared with you guys my primary Elliott wave count (last one is linked below) where I believed we were coming to the end of the correction.
As I shared with you guys, after the bottom at 17.5k on the 18th of June, I expected a bounce in a wave 4 than 1 last drop for a wave 5.
For now, the higher we push, the less likely this idea becomes.
Some of you have been messaging me whether to long or short, but the answer is very simple:
When in doubt, just wait. You don't have to take a trade, you don't have to catch the bottom.
Right now, personally, I'm just waiting:
- Either for a 5 wave move up, then a 3 wave retracement (wave 2, buy opportunity) which would make the 17.5k a likely bottom
- Either for a break of the lows where I can look for reactions at levels I like (such as 14.5k for example)
I will update you soon on my primary EW if it has changed, but for now I'm simply waiting for more clarity.
Not taking a trade is better than taking a losing trade.
Rule #1 is always to protect your capital.
Any questions?
Good luck traders
Remember not to break your rules
Habib
In the last few weeks, I have shared with you guys my primary Elliott wave count (last one is linked below) where I believed we were coming to the end of the correction.
As I shared with you guys, after the bottom at 17.5k on the 18th of June, I expected a bounce in a wave 4 than 1 last drop for a wave 5.
For now, the higher we push, the less likely this idea becomes.
Some of you have been messaging me whether to long or short, but the answer is very simple:
When in doubt, just wait. You don't have to take a trade, you don't have to catch the bottom.
Right now, personally, I'm just waiting:
- Either for a 5 wave move up, then a 3 wave retracement (wave 2, buy opportunity) which would make the 17.5k a likely bottom
- Either for a break of the lows where I can look for reactions at levels I like (such as 14.5k for example)
I will update you soon on my primary EW if it has changed, but for now I'm simply waiting for more clarity.
Not taking a trade is better than taking a losing trade.
Rule #1 is always to protect your capital.
Any questions?
Good luck traders
Remember not to break your rules
Habib
