SUMMARY
Here is another scary looking chart. If one stays in this waiting for the final crumbs of profits to fall on his lap....it could end up in tears. The price has pierced the upper line of a rising bearish wedge and often that is not good for the bulls. It's called a bull wick event; a way for the final remaining buyers to do flameout their bullish sentiment.
The retrace is labeled as an ABC as shown in the chart below. While the retrace is about 40%; that's because the correction is still a wave 4 and so can't overlap with the peak of 1.
The MACD could rise a bit more to enhance the bear wick. However, it'll likely decline with the ABC flat sequence. Once wave 4 completes, wave 5 should make some impressive all time new highs.
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Well thanks
I always prefer the slow rise from the sudden rise
Always the sudden climb behind the lobby of the users of the Great Whales
The MACD could rise a bit more to enhance the bear wick. However, it'll likely decline with the ABC flat sequence. Once wave 4 completes, wave 5 should make some impressive all time new highs
If it topples down. Its going to be down real long.
In my opinion.
Nows best to sell