Odds are until this chart is below 30 no wave -4- bottom possible.
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Posted 09 February 2018 - 08:36 AM
Posted 09 February 2018 - 10:10 AM
Is there a point where it is no longer a 4th wave and just a start of a bear market?
Yes, there is that possibility, takes some time to figure that out. A typical wave four can be a 5 waves down, three waves up retraces 50% then a second leg down about same points as first leg and that is usually 38% of the advance off the February 2016 low or about 2470 or so. The rule is no part of wave -4- can trade into wave -2- so 2400 is that line in the sand. I am still favoring the zig-zag and not a triangle pattern for a -4- wave then higher high with May-June the final top so time will tell. Watching the Fibo 21 day and 34 day for clues off the Jan 16th high.