I advised someone some hours ago who posted a chart to buy up. They had a well drawn out chart of Elliott wave butterfly and suggested a buy. Now i long stopped drawing out Elliott due to the subjectiveness of it but saw a resistance straight away at a level by simply looking at past actions and fractals method. I suggested they do not put in that buy order at the resistance as it will not hold, and why? Simply because all indicators on my chart were telling me this market is still falling to abyss and the resistance will not hold. They responded to my comment on their chart saying if it drops further they will simply sell. Now market got to resistance, hovered there some and dancing like it will hold, then an hr or 2 later it continued falling lol. The yellow line on my chart represents where there was a resistance and as you can see, it most certainly failed to hold. Beware, do not just rely on waves, what are indicators telling you? Market is still downtrending, do not go against the market without any real indication of reversal or profitable retracement.
