Are you longing the 5th subwave of the 5th wave?
We appear to be in the final 5th sub-wave (white) of the 5th wave (blue), its uncertain where the 5th wave ends or if its already ended. So be cautious longing the top of the 5th wave, retailers usually FOMO here
The Risk:Reward is not good. I would rather wait for a pull back and consider this as a no trade zone.
This chart assumes that bottom is in in Dec 15 and we are in the beginning of a new bull run, so assumption is there are 5 waves (green). If yes, I will wait for a pullback to Wave4 and enter cautiously to the run up to 7k or more.
However, if Dec15 is NOT the bottom, we can see only 3 waves and green wave (iii) is the top now
Here is my reasoning for being safe in 5th waves and a 2 week old chart that hit the target on the dot (assumes 5th wave is done)
The Risk:Reward is not good. I would rather wait for a pull back and consider this as a no trade zone.
This chart assumes that bottom is in in Dec 15 and we are in the beginning of a new bull run, so assumption is there are 5 waves (green). If yes, I will wait for a pullback to Wave4 and enter cautiously to the run up to 7k or more.
However, if Dec15 is NOT the bottom, we can see only 3 waves and green wave (iii) is the top now
Here is my reasoning for being safe in 5th waves and a 2 week old chart that hit the target on the dot (assumes 5th wave is done)
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And we hit both our target boxes. 500DMA is offering resistance now.
