I am sick and tired of bloggers going in detail to explain what just happened. Hell, they might as well go to work for Cramer or CNBC. ...."let's learn from the past."
"Explaining" what happened is a joke, as opposed to posting an opinion on what may happen with what degree of certainty.
At some point, Pretcher and EWI will be vindicated, now they are lambasted, in terms of a P3 prediction. Maybe not soon though. EWI promotes the idea that "no news matters" and I think even goes as far as implying or outright stating that social mood not just creates the news, but actually creates the real world events. In some cases, if you consider governmental action, a "real world event" that could be true.
I do like the 5 wave and 3 wave retracements though. When you see them happening in real time, they are sometimes "perfect" and if you have the ability to recognize them in real time, and bet them, money can be made. Usually these "clear waves" are on a small scale, intra-intra day, so playing them with loads of cash or leverage is the way to go.
Oh, relax!
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