Just like the clock, it's hard to pin point where we are since it's all relative. In other words, we could be one or two degrees smaller than a larger bull market that's yet to complete. This is similar to the Elliot Wave notion of waves within waves. So, on the lower degree we could be coming out of the "despair" dip but in the bigger picture we could be at the bull trap section, and at the yet even bigger picture we could be somewhere along the media attention section with the large scale main yet to come. To be honest I don't really know. I just follow trends with tight stops.
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