You too can be Rich in stock market investment by Wong Yee

Author:Wong Yee
Language: eng
Format: epub
ISBN: 9789810778743
Publisher: Wong Yee’s Methodology

7.2 The Mystic Number 7

Whether you believe it or not, numbers are part of our lives. Fortune tellers use numbers to read one’s fortune. We have Fibonacci numbers. But Number 7 seems to stand out. We have 7 days in a week. Some people believe in 7 years itch.

In stock market context, greed is a major obstacle to overcome. When share prices keep rising, we like to think that the sky is the limit. In order not to fall into this sort of foul thoughts, I use Number 7 as a guide to limitation. All things have limits and when we understand limitation, we will be contented and have less chance to make mistakes. Thus, we would always end up better off.

I believe in trend cycles – a bull phase follow by a bear phase. The magnitude of a bull phase is determined by the strength of its first uptrend wave structure and the depth of its first wave correction.

First, we must locate a bottom. A bottom is the lowest price after a run up of share price. Let us study the following chart:

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