SUMMARY
Note: Still on the road with very slow WiFi and so no videos which should return this weekend or next week.
The below chart shows a snapshot of the September 2017 correction which has pretty good fractal similarity to current correction. From the bottom, price had moved in what looked like a three wave counter trend (white arrow) and naturally many thought it was an abc and that lower lows were dead ahead. I had disagreed and labeled the first peak as blue wave 1 and the decline as blue wave 2. Price then started impulsing upwards again with steady volume.
The primary reason I had disagreed with the crowd was because of the monstrous volume that usually marks the bottom of corrections. When there is a downtrend that literally turns on the dime with ferocity of panic buying that drives volume levels to jaw dropping levels....it signals that it's NOT just a passing milestone for lower lows.
This chart shows the current correction. It too shows what looks like a three wave bounce from the $5,900 level. I've labeled the peak as blue wave 1 and the minor correction which I had called to start in the weekend posts is labeled with blue 2. The white Elliott Waves are tentative for now but IF blue 2 is complete or near so; then we need to see an impulse motive.
The current correction too turned on the dime with monstrous panic buying volume. As it was in September, today also, the same volume indicator is keeping me from going full bearish.
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