Three distinct patterns of 5-wave moves (not all impulse) followed by 76.4% retracements. What does it mean?
Either it's a rare formation called a type 2 diagonal consisting of 5-3-5-3-5, or more likely a series of 1's and 2's, setting up for a very steep wave 3 decline.
A slightly more bullish possibility I didn't consider at first, ABC-X-AB, with a final C beginning it's final descent.
Either it's a rare formation called a type 2 diagonal consisting of 5-3-5-3-5, or more likely a series of 1's and 2's, setting up for a very steep wave 3 decline.
A slightly more bullish possibility I didn't consider at first, ABC-X-AB, with a final C beginning it's final descent.
In particular, you should spend no time at all thinking about those rosy scenarios in which the market goes your way, since in those situations, there's nothing more for you to do. - William Eckhardt