I haven't been back in a while. Honestly, though I do well trading markets both directions, this bear market has gotten to me mentally, and I decided to hunker down and keep life simple, just posting on Elliott Wave Trader.
$4600-$4800 was my ideal support for the bull market per all past posts since February, and we pushed straight through that level shortly after the November 13th breakdown. I was very bearish on November 13th per my posts, but I did expect the above region to hold. We are now closing in on $3000 which for me is long term support in the long term count I keep as primary. And, unfortunately, we might be trying to bottom here, but the price action so far is not reliable for a bottom. In fact, I have one foot in on my alternate count, which can go below $3000, and will likely only see a B wave rally, which can takes us back to 5 digits before finally resting in the $1600 zone some time next year, or 2020. Truly the charts have much carnage.
Locally I am tracking two patterns here. The white count has not bottomed locally and will take us down to white 5 which part of an ending diagonal. The red count has the local bottom in and is tracing a diagonal upward in red. The issue is we are moving in non impulsive structure in both directions so I have no edge until one or the other completes. Ether count suggest a bottom soon. However, whether it is the larger bottom to this bear market, or a large B wave rally, remains to be seen.
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