When I look back at the monthly chart to Jan 2002, I see a HUGE UP trend that is really made of 2 LARGE UP trends and 1 MODERATE DOWN trend that retraced to the 38.2 Fib of the first large UP trend. See my attached chart.
We are obviously in a medium retracement and about halfway to the 38.2 of the latest UP trend fib. Nobody can say whether the larger 6 year trend is over unless you have a crystal ball. We can say that the current environment is not following the HUGE trend.
When the near-term shows no indication of following the HUGE trend, you really only have two choices. Sit on your hands until real resistance is met and the trend is resumed or play the countertrend.
I don't believe that Jacko ever said that all trends last forever or that they go uninterrupted. I think it is time to take some smaller countertrend positions with fairly tight stops until we hit resistance.
Am I offbase? I'm fairly new to this.
We are obviously in a medium retracement and about halfway to the 38.2 of the latest UP trend fib. Nobody can say whether the larger 6 year trend is over unless you have a crystal ball. We can say that the current environment is not following the HUGE trend.
When the near-term shows no indication of following the HUGE trend, you really only have two choices. Sit on your hands until real resistance is met and the trend is resumed or play the countertrend.
I don't believe that Jacko ever said that all trends last forever or that they go uninterrupted. I think it is time to take some smaller countertrend positions with fairly tight stops until we hit resistance.
Am I offbase? I'm fairly new to this.