This is my less severe crash idea. We should get one more lower low in this count to close out Wave 2 of the intermediate degree. The low of $6.22 is not very clean and the recovery since then is also quite choppy, suggesting a final flush out. My previous count expects a worse case. This one is a bit more hopium induced. If I am totally wrong and the long-term wave 3 already started, then we need to see a very strong move out of the steeper channel and a quick ride to the upper limit of the bigger channel, and a break above that. Until then, looking to buy at the next low with stop loss again and continue that process until we eventually get a low. Stop loss is very important to preserve capital, in case things are really going to zero (as many are suggesting; not me). If that means missing out on an initial wave 1, it's not a very big deal in the grand scheme of things...
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.