After such a big drop with a relief rally to follow, people are getting complacent, comfortable, and feeling more confident about holding their stocks - the people who told them to not panic were right - thank you CNBC Fast Money! We've reached a point, technically speaking, where we should expect a sell off and new lows. The 61.8 / golden zone was tapped from this rally, and the rate of growth from this rally was so fast and sudden, the rubber band is about to backfire the other way now for a 'C' wave. The target 2 is the 'C' wave target - the 161.8. My target 1 is a conservative 'you can't always be right' target, and I don't think it's a bad place to begin cost-averaging in buys.
This wave count, along with the 61.8 tap, and then paired with what appears to be an ascending wedge is just further support for a bearish claim, even though the pattern structure is pretty large, I still think it's something to consider as it is overall a bearish pattern.
I am currently out of all my positions as of today, and I'm just waiting for more price development to make some clearer decisions, as from what I see today - it looks extremely bearish. I have studied markets too long to not recognize the possibility of potential lower lows being formed in the coming weeks, and it's not worth losing my 80% gains on my CCL and SAVE buys. I understand this is a special situation with CVOID-19, but I've learned when you ignore technicals, you usually get punished.
Good luck everyone, make your own decisions. This isn't financial advice.
This wave count, along with the 61.8 tap, and then paired with what appears to be an ascending wedge is just further support for a bearish claim, even though the pattern structure is pretty large, I still think it's something to consider as it is overall a bearish pattern.
I am currently out of all my positions as of today, and I'm just waiting for more price development to make some clearer decisions, as from what I see today - it looks extremely bearish. I have studied markets too long to not recognize the possibility of potential lower lows being formed in the coming weeks, and it's not worth losing my 80% gains on my CCL and SAVE buys. I understand this is a special situation with CVOID-19, but I've learned when you ignore technicals, you usually get punished.
Good luck everyone, make your own decisions. This isn't financial advice.