Yi Lihua said his market calls over the past few months have been mostly correct, but he does not expect that track record to carry over automatically, and he is urging traders not to relax. In remarks reported by Odaily Planet Daily, Yi said that after prices failed to break above the $81,000 resistance level a few days ago, he has stayed with a pullback view for the current phase. His expected downward move targets the 75.5 to 76 zone, with the market then heading higher toward the next resistance level at 86. Being wrong is normal, according to Yi. Many people think that sharing market views is an easy way to get disproven, and that one mistake can wipe out everything that was built before, but facing difficulties and making progress is the entrepreneurial spirit, and failure is simply part of the business process. His conclusion for traders: treat every trade with caution and start over each time, because correct judgment in the past does not guarantee correct judgment in the future.
Yi Lihua said his calls on the market over the past few months have been basically correct — yet he warns that this record is no guarantee for the calls ahead.
In a post covered by Odaily Planet Daily, Yi wrote that after prices failed to break the $81,000 resistance level a few days ago, he has been looking for a pullback throughout this phase, with the expected correction range set at 75.5 to 76. Beyond that, he continues to turn bullish toward the next resistance level at 86.
Yi argued that mistakes are normal. Many people, he said, think that openly sharing market views makes it easy to be disproven, and one error may be enough to ruin all the credibility built up. But taking on the difficulties and keeping progress going is what defines the entrepreneurial spirit; failure is just a part of doing business.
Every trade should still be approached carefully and treated as a new start, he added. Being right in past months does not imply being right every time going forward.
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