No joke. Again a bit down !

We start today with a a very clear 5 waves structure on the short term frame. And it shows us the most probable direction for the next few days, which is down. Which five ? From the top of 0.02940 till the bottom last night of 0.02680 (marked “(1) or a”) we can easily recognise these 5 waves. What implication does it have ? First of all, after the completion of such a pattern a partial retracement will take place. This is exactly what happened this morning and this retracement reached classic Fibonacci level of 0.618 at 0.02850.

ShortTerm

Now the best market could do is just continue the decline below 0.02680. It could however, shortly pop above 0.02850 and continue the decline just from there. Then, after the next leg is finished we could see more of the structure. It could be a-b-c, then we start advance right after this decline is over. It could also morph into the whole 5 waves down. In case we see these bigger 5 waves decline, does it mean we turn compelety bearish ? Not really. Here is the bigger picture, giving the chance and place for such a decline and yet keeping us on bullish stance.

MidTerm

All in one, we are bearish for the next day or two. We want to see more of the Elliott Waves structure to identify the current market phase more precisely.

Next update will be published tomorrow, on the 2-d of April.

The Elliott Wave Principle describes the behaviour of the financial markets. This Principle is build on  the mass psychology swings from pessimism to optimism and back in a natural sequence. When these swings happen, the specific Elliott wave patterns in price movements are created and become visible. Each pattern has implications regarding the position of the market within its overall progression, past, present and future.
The purpose of my blog posts is to outline the progress of markets in terms of the Elliott Wave Principle.
While a course of conduct regarding investments can be formulated from such application of the Wave Principle, at no time will my posts make specific recommendations for any specific person, and at no time may a reader or viewer be justified in inferring that any such advice is intended.
Very important. Investing carries risk of losses. You should be aware of all the risks associated with investing/trading financial instruments. Information provided in this blog is expressed in good faith, but it is not guaranteed.
The market service that never makes mistakes does not exist. Long-term success trading or investing in the markets demands recognition of the fact that error and uncertainty are part of any effort to assess future probabilities.
This blog  and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions.
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Author: Ravno_108

Sentiment wave rider. Product creator. Yogi

One thought on “No joke. Again a bit down !”

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