Hey there. Thanks for sharing the chart and idea. I was just wondering what you think will be the catalysis or fundamental trigger to justify such a downturn? I'll be happy if everything goes down, but, so far, none of the tumult in the global economy have really pushed prices down dramatically. I'm just curious how you come to that +/- 20% target?
RalphStPierre
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@justinmischief, hi...the target is the 1.618 projection of what looks like the (1) and (2) leg of an impulse move. as for fundamentals, I don't really follow them. the catalysis for me is the social mood and exuberance at the top. Im more of a practitioner of Socionomics. If you are interested. Heres a link. I think you may find it interesting at the https://least...https://www.socionomics.net/learn-about-socionomics/
RalphStPierre
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@RalphStPierre, im sorry hat link didnt work... try https://this....https://www.socionomics.net/learn-about-socionomics/
Very nice idea. However C does not equal A and the middle wave is larger than the first wave.
Cincinnatuus
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@kunsan, C is almost always longer than A. This 2nd wave is all about distribution...
RalphStPierre
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@kunsan, thank you for your reply. I'm not exactly clear on what you are calling the second wave. A-C equality is a guideline and not a rule. What is more important than labelling is the form. This could be
the ABC (flat) correction of the next higher degree (2) . But what is of interest to me is the form of the C move which looks a lot like an ending diagonal. If that's the case the implications of that are that we can expect with a high degree of probability a swift move to the origins of the pattern. Which would be a good 1st target. The overall projection is the 1.618 multiple of the higher degree (1)-(2) However. you are absolutely correct A C equality is the first relationship that we look for when making projections or taking profits.