Interesting the psychology... at market tops everyone is blinded by greed and optimism and bears are laughed at; exactly the opposite is beginning to occur. Almost all charts are bearish and bulls are regularly jeered. Fear drives both sides of the market: fear of missing out during tops and fear of loss at bottoms. The market actually makes its turn once the fearful have either finished buying or finished selling.

The way I see it, we cannot expect the bear market to go on indefinitely just as bull markets eventually top out. This is what I do not understand about the numerous EW charts on Tradingview... Is there really a strong enough argument for sub $200 if the downside is so easy to predict? I mean, a monkey could be trained to trade a bear market; predicting trend continuations at Fib levels is not impressive to a serious chartist. What happens if we hit $100? More EW continuation charts showing single digits? Easy money, right? No, it is never that easy. What I want to see are chartists who can predict tops and bottoms, not simply follow the trend until everyone piles in, gets caught up in their own psychological web and gets spectacularly squeezed.