SUMMARY
NOTE: The video has much more details!
The most frequent question I'm getting is should I sell now? If it's gonna drop another 20%; shouldn't I sell? Such decisions must be self made and no one can make those decisions for you. Welcome to trading and investing! My analysis is provided to help augment your due diligence. I also know that logic does not always apply when sentiment gets involved which is why we often see prices move vertically.
The next frequent question I get is when will this correction end? While I don't routinely forecast time as it is not a reflection of sentiment and so very unlike price; the below chart shows how well price has been contained within the boundaries of the wedge triangle. If the angle of price trajectory is used, rought estimates can be discerned for time. The first is around Feb. 4th or this coming Sunday, EST time frame. The second is Feb. 8th and the third is the 11th. IF price remains well contained as likely it will given that the volume is declining; and as the price approaches the Apex; a point of time should arrive where not a single seller can be found. In other words, all the sellers would have expended all their fire power and nothing will be left except buyers! This is when the "Smart" money will wade through with their cash and start buying with two open arms. That's when price can reverse in an impulsive manner! These timelines are IF price is contained in the wedge pattern....let's see how the next few days pattern out.
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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