Hi Guys, I remember the last time this starts to correct and everyone freaked out believing it's the top. (check chart pinned ) It seems like a 5 wave up move is about to complete and that means a higher degree correction is coming. I would follow it on lower time frame to see the turn. If you are in the buy, you might want to watch it closely.
Trade with care
Thank you for your support.
Started to** correct
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@anilmangal, I know and you are indeed perfectly right. I always ask the possible outcome because many say it will go down, but not until what price, and why it may do so. The market is not as it used to be before, and there are so many new things to it (take snapchat and its valuation). So another question is when do you consider the down turn scenario violated? What if it goes higher from here? (I ask this because on everyone's radar and indicators it screams over bought..but it keeps going up and people will have a hard time if this happens, shaky hands will get stepped out, and hopeful bulls will take it higher) I agree for once that the rate hike might affect this, but i feel it is already partially priced in the market - because everyone knows it had to be done at least once since 2015.
@2use, my analysis is based on wave structure (i don't really try to guess what are the reasons, since we will never know it until after the fact.) I will follow the last wave up until it shows a turn on the lowest degree.
Could not agree with you more. Since the 5th wave is usually about the same time frame as wave 1, we could see a sell off which gets bought to the prior level and then collapse around Dec. or next Jan. Usually the first dip gets bought and the second one gets sold.