If you start losing what you thought you have gained would be a good reason to panic. You start thinking "why didn't I sell". "Should I sell now even after the price has fallen about $4.00?" "Wil the price go back up if I sell or is it going lower?" Panic has now set in. If you cannot read charts, you have no expectation of what is likely to occur.
At least Boomerboy knows his wave count is invalid. He uses the charts in an effort to help predict what is likely to occur. He now knows that he was wrong & can re-evaluate. Using wave counts with the aid of indicators & Fibonacci numbers gives you a reasonable chance of getting you close to the final outcome. It is not the market that gets it wrong, it is the trader or investor who does not interpret the information in the charts & indicators correctly.
My current interpretation is that the price will fall further.
CBA Price at posting:
$139.94 Sentiment: Sell Disclosure: Held
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