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Market Retracement

In last week’s newsletter, I mentioned that counter-trend rallies consist of three waves, while the trend- following patterns have completed five waves. This is why these bear-market rallies cannot compete with the main trend, according to the Elliott Wave Principle. Usually the rallies against the main trend only retrace 38%, 50% or 62% of the prior move down.  Currently we have a three-wave sequence… Continue reading