@Takasis, I agree with you with high probability however, counting only works in probability so it is still possible to drop at any time. So i would recommend a tight Stop loss and buy back later at the bottom
Takasis
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pardon 44
Swurf
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@Takasis, There are couple of scenarios, I will rank with probability in order. We know that the bulls are NOT in charge of the market anymore, but the price has dropped quite a bit, so ppl shorting on top will Take profit and ppl trying to buy the dip will take actions. However, they will most likely play a short term bet. So consolidation is the most likely scenario. I would still have to look at the chart flow to find it out over time.
1) Forming a Big Triangle (consolidation) (50%) 2) Sideway box (consolidation) (25%) 3) A quick bounce ABC, and impulse upwards (V bounce) (20%) 4) Renewing bottom one more time (5%) = this is when everyone buy, so if this happen get ready to buy the dip