If I had taken a profit at that point and the market continued lower, I would be getting the same crap.
The wave structure at that time allowed for further declines. Instead it turned into a different correction of the next greater degree. So I play the "probabilities" at the time, but on the SHORT-TERM may have to wait until ENTIRE corrective process is over. No way of telling in advance what Degree of correction you are dealing with at the time. EW is not a PREFECT tool; nor are the people applying it...like me.
It is easy to second guess anyone after the fact. You do NOT see me criticizing ALL the BAD "short-term" trades I see on this thread day-in and day-out.
My work is for the Intermediate to Long Term trader. Not for the Short-term stuff. That is why I am out of here!!!
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