RE: "when the majority turns bullish , that is when i always go short."
The Elliott way--Does this also apply for the inverse? When the majority sees gloom, you go long? LOL.
Eloquent
⋅
@unbeldi, correct. i use stocktwits to determine the levels of bullishness \ bearishness 😅
when a whole board turns red, i'll do a count on a chart - and more times than not, that is when the bottom is in
i have so many examples of this exact theory in play, its actually wild how it works out sometimes lol
unbeldi
⋅
@Eloquent, I like it, and I have similar views. I visit social media, for amusement mostly, just to confirm my wave count. How does that apply to BTC right now?
Eloquent
⋅
@unbeldi, everyone is still pretty bullish on btc - the hope is still there that we move up. which leads me to believe we see one more brutal leg down to take away that hope from retail, before finally moving up for our wave b to the mid 40's
for btc, i use the fear\greed meter - when it drops to like extreme fear, that is usually an indication of a reversal
unbeldi
⋅
@Eloquent, This is exactly the circumstance that brought R.N. Elliott credibility and eventual fame in 1941 (?), when he predicted the turn around of the markets for the very next day, by telegram to his partners, and future publisher.
unbeldi
⋅
sorry, it was 1935.
Eloquent
⋅
@unbeldi, elliott was quite the mastermind. i am deeply infatuated with this work, and have been studying it in this last year religiously 💸
unbeldi
⋅
@Eloquent, he should have got a Nobel Price in Economics, had there been one.
Eloquent
⋅
@unbeldi, agreed, if anyone deserved it - it should have been him
The Elliott way--Does this also apply for the inverse? When the majority sees gloom, you go long? LOL.