I want to leave you all with this.
Its lighthearted but it has a hidden message if you care to read between the lines.
At the top of a 5 wave move, Elliott Wave suggests its time to get out of a move and take the $$$ as the likelihood is that a correction is setting up.
It dont matter what time frame, 5 min, 15 min, 4hr daily weekly, patterns repeat themselves due to the thoughts of investors.
They buy at the tops and sell at the bottoms.
Most investors are bullish at the top of a trend, its natural,its embedded into everyone's psyche.
Sentiment is ALWAYS bullish at the top before the turn.
I know for a fact back at the 2010 and 2011 peaks US traders were mega bullish on the US markets.
I was bearish just as i am now.
I strongly suspect users of Hotcopper were mega bullish as well.
Yet history shows us its the worst time to be bullish.
I suspect this is a 5th wave of a pattern that started back in Oct 2011, a 5 wave impulse move.
If i am right then this could be setting up for a similar move we saw back in April 2010.
Have a great weekend
Nouf
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