No, we are not there. Where? Down, down, down! Actually we have witnessed a short term uptrend within the long term downtrend. This is normal, but very trying, especially for short term traders who get whipsawed often. The above chart represents the Elliott Wave Theory pattern five waves down and three waves up. We label the waves, 1-2-3-4-5 in downtrend and A-B-C in the correction waves. Wave C has completed and we are in the beginning stages of Wave III. The arrow shows where we are right now.
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