In grayish doubt and black despair,
I drafted hymns to the earth and the air,
pretending to joy, although I lacked it.
The age had made lament redundant.
So here's the question -- who can answer it --
Was he a brave man or a hypocrite?
Czeslaw Milosz
Hope turns to despair! Another painful fall. This reminds me off an example; Alexander Elder gave in his book. He wrote if you put a frog in a pan and pour boiling water over it, the frog will immediately jump out. But if you put cold water and put the pan on a lit stove you can slowly boil the frog alive. Same way this fall is unfolding, no violent downward circuits, but with very calm and measured moves, it is slowly and stealthily consuming, the weak and the desperate. Taking a look at the 5 minute chart we can see that we opened flat and cautious. With a nice little up move which eventually failed, we just slid down smoothly. As usual, all the pullbacks met their nemesis at the declining 20 period EMA. On the daily chart we are heading to touch the lower end of the channel, will it provide temporary respite? No idea. There are times when it is better even to put technicals aside and wait patiently. Like Schabacker commented, there are three rules to success in stock market; Patience, more Patience, and still more Patience. Nil Desperandum (Never Despair), this is easier said than done but at least we can follow Caveat Emptor! Pick your cherries with utmost care and patiently.
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