ridethepig | Variation of Flow & Profit Taking📌 ridethepig | Variation of Flow & Profit Taking
When in the much disputed variation of covering partial longs, we can look for some shorts to play the pullback towards +/- 48,000 of an incomplete (iv) in a 5-wave sequence.
This point of view is based on a complete and understood notion in the concept of an underlying impulsive nature to the move. For this, we need to simply stick to the fib itself: the 261.8% has been our impulse target, so we need to track for signs of a turn which is the current situation at the top of our map. This is important and should be used as an area to do some profit taking/covering under any circumstances for those holding from way below.
The significance of resistance here in a situation where we are at approximately 60% bull market in the macro chart is a (3) wave temp high inside a (5) wave sequence. As well as creating energy for another slingshot later in the year, it is intimately linked to the manoeuvre handled by sharp sellers outguessing a temp high.
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