According to EWT we are in a 4th wave correction where A is 5 wave move then inner abc and now B is still in 5 wave move up, most of the times in correction Wave B never go beyond the wave-A, but if it does then it is called the irregular correction, or in other language you may call this the bear trap too, but as soon as price is going up no need to go short or even think about it , but be cautious in longs if Wave - B completes you may see a sharp decline of Wave -C Equals to wave -A.
Those who are longs may remain longs as soon as price action is not showing any weakness.
WHY LOOKS LIKE A BEAR TRAP : -
WHENEVER THE RETAIL PUBLIC SEE A BREAKOUT OR GAPS UP IN THE PRICES PEOPLE ARE START BUYING THE PSYCHOLOGY BEHIND THIS IS PRICE WILL NEVER COME DOWN AT LEAST IN THIS SITUATION.. BUT THEY FORGET THAT THE MOVE THEY ARE EXPECTING IS OVER OR LIKELY TO OVER SOON. THE BIG BOYS ARE NOW READY TO SELL BECAUSE THE MAJORITY OF THE CROWDS ARE NOW AGAINST THEM AND THEY ARE NOW GOING TO PRINT MONEY...AND AS USUAL RETAIL PUBLIC ARE GOING TO SURVIVE.
Those who are longs may remain longs as soon as price action is not showing any weakness.
WHY LOOKS LIKE A BEAR TRAP : -
WHENEVER THE RETAIL PUBLIC SEE A BREAKOUT OR GAPS UP IN THE PRICES PEOPLE ARE START BUYING THE PSYCHOLOGY BEHIND THIS IS PRICE WILL NEVER COME DOWN AT LEAST IN THIS SITUATION.. BUT THEY FORGET THAT THE MOVE THEY ARE EXPECTING IS OVER OR LIKELY TO OVER SOON. THE BIG BOYS ARE NOW READY TO SELL BECAUSE THE MAJORITY OF THE CROWDS ARE NOW AGAINST THEM AND THEY ARE NOW GOING TO PRINT MONEY...AND AS USUAL RETAIL PUBLIC ARE GOING TO SURVIVE.