I tell you what right away, I don't think the bull-market bullish wave can develop from this point, because it is too high up. I think it more likely that it either goes on correction right away together with the bigger ones, or grow some toward its June/May price levels and then a strong drop.
Looking at it a little closer, this bullish wave might have peaked. This looks like an inverted correction and it hits the 0.618 retracement fib.
Anyway, this is not one of our choices we like those trading at bottom prices with clear reversal signals as well as a prolonged consolidation phase at the lows. These can be a better choice if you just want to buy and hold.
This type chart setup can still be traded but not with our long-term strategy, it would require a different approach. I still share this to show the differences between the chart setups, for learning, for entertainment, for fun.
Thank you for reading.
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If it wasn't for you I wouldn't be able to share freely my thoughts.
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Namaste.
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