Those Red Counts - Market Analysis for Dec 4th, 2019

I sometimes get the feeling that folks on the board are playing my red counts. Often that happens when someone has a permabull leaning. Note, I do not trade my own red counts except as a hedge. I wait until they fill in, and then buy the pullback. I am not sure we've had one red count fill in since May. That has kept me out of trouble on the long side. (apart from the break of support at 7850 where I was pretty long).  But I stick to this process because they are the litmus test of a bottom. Remember that markets don't need to go all the way to support to bottom. Further, we see a lot of incomplete bottoms in Crypto where the structure seems unfinished. Red counts are a lens by which I test a bottom so the market doesn't fool me on the long side. If you are watching a red count, let it fill in before going long, and then not until a pullback. This is what I teach over and over and over. If questions please watch 'Using Elliott Wave' on my youtube channel. 

Ryan Wilday hosts the Cryptocurrency Trading service on