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.
Note that free 15 day trials are available for our trading room and community on Elliott Wave Trader, where I am a full time analyst. You'll rub noses with professional, amateur and traders in the learning process, while getting trade calls and ongoing direction for the market. No credit card is needed for a trial.
Note none of my work including the larger body of work for subscribers is intended to be a trade recommendation a I do not know your financial means, or risk tolerance. These are valid setups that can provide return, if using tight risk management with stops.