Important Note
Added 2024-04-15 22:03:06 +0000 UTCNow is not the time to take on risk.
The pull back from August to October ‘23 was an aggressive Wave 4 pull back
We then got the most typical Wave 5 you could see, it was fast and sharp because Wave 4 was so aggressive.
When Wave 5’s complete, the pull back is much stronger than just a Wave 4, it is an ABC correction.
Meaning, you don’t just buy every dip
Buying all the dips from here means catching the bloodiest knife.
Instead, you wait for support to be found and support is ALWAYS found on Fibonacci levels or moving averages, you do not need anything else to confirm a support level.
ABC corrections will test everyone, they behave in such a way that many will give up and panic sell….it would not be an ABC correction unless people panic sell.
So this is guaranteed to happen
You are either get out early or ride the storm until the correction is complete.
Smart money sells as Wave 5 completes.
ABC corrections are difficult even for professionals, so if you have only been investing for 1-2 years, you will not be as prepared as you think you are.
Red portfolios will teach you a lot about yourself
Start preparing, don’t take on risk, safe havens should be bought now and protecting your capital should be your main priority.
Comments
Looking at the QQQ chart from from July to October. Wave 4 appears to have 5 waves in it (instead of the expected A-B-C)
Diana
2024-04-16 17:28:43 +0000 UTCWhat do you mean Diana?
Gareth Neary
2024-04-16 17:01:45 +0000 UTCSupport needs to be found but if an impulse structure breaks down, you can assume it is then a corrective wave
Gareth Neary
2024-04-16 17:01:29 +0000 UTCLooking at Wave 4....it had 5 waves. Is this normal?
Diana
2024-04-16 16:30:08 +0000 UTCHi Cap, in some cases where the chart has not followed EW and the structure has broken down am I right in assuming that until a bottom is found there will be no further structure or ABC pattern.
Beni
2024-04-15 23:18:37 +0000 UTC
