Robert Prechter one person who popularized Elliott wave theory saw the 2008 decline in stock market as the end of 5th wave an the beginning of bear market and he rightfully get demonized for advising people to miss out the longest bull market in history. That is the beauty and curse of Elliott wave it has a way of keeping the analyst on their tippy toe all the time, an ultimate slight of hand artist that is capable of doing a 180 degree turn at any moment. However that does not mean that it is not bound by rules, the rules are not set but they are however confined by the Fibonacci ratios. What it looks like to me is that the 4thwave after the 3rd wave is in progression and we have on more bull run in the 5th wave to go and what we are experiencing now is the bear market 4th wave pull down.


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