SUMMARY
Does one ever get used to corrections? Well, I've been doing this since 1997 and the answer is YES! For many to whom this is their first ever correction, it can seem mortifying! I believe this correction is a very healthy consolidation and nothing more. The key is to have cash raised during the good times to BTFD! Presence of cash enables one to calmly wade through the panic and get greedy when others are so afraid and panic selling.
For the wedge patterns, as price proximity to the Apex shortens, Bullish Wicks can be spotted. This is when price pierces the lower support but only temporarily because it re-enters back inside the triangle. The below chart shows such an occurrence. Let's see how the remainder of the day's price action behaves.
To help you bop and pop with a jiggle and a wiggle while this Correction passes; here is the BTFD Rap!
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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