Wave 1 is the move nobody believes. It emerges from the ashes of a completed bear market or sharp correction, when sentiment is darkest, news flow is most negative, and the crowd is most convinced the downtrend continues. Volume is often low. The few who recognize it for what it is - the quiet beginning of a new trend - position before the rest of the market catches on. The personality of W1 is the personality of contrarian opportunity: hidden in plain sight, dismissed by the majority.
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