Source: interactive investor.Past performance is not a guide to future performance.

I have a potentially complete five waves in at least two degrees of scale on the Elliott Wave picture. That is a clear indication that a major turn approaches and any upside from here is extremely limited. A downside correction could quickly shave at least 10-15% off the value, with bigger corrections possible.

My best guess is that if it can breach the $350 support in the days and weeks ahead, the Corona Crash low at $200 will be within sight. In any case, taking major profits here would be prudent.

Bullish investors who may be carried away by their supreme confidence should remember the Golden Rule of investing to prosper, Buy Low and Sell High. The Sell High part is usually the most difficult to achieve emotionally.

For more information about Tramline Traders, or to take a three-week free trial, go towww.tramlinetraders.com.

John Burfordis the author of the definitive text on his trading method,Tramline Trading. He is also a freelance contributor and not a direct employee of interactive investor.

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