This chart is beginning to make sense to us–that is you can see alpha and other waves. The present wave (of 6 bars) actually could be a zeta wave. We should all remember the craziness of the immediate situation, so the dependability of the wave and the trendline is to be proven– but as Damon Runyon used to say, that’s the way to bet. The trade stop is at the previous low. And one can always play with the placement when trading. The trend stop would be 6% under the low. Calculating stops here is almost a vain game–the virus, Trump, rampant fear — all say that extreme caution is the proper stance–unless one has the capital and mind of a day trader.
And as they say of pilots–there are bold pilots and old pilots but there are no old bold pilots.