I was told a story today about another analyst who bought into a 3X leveraged ETF on Monday as the GDX was hitting its highs and the market was quite bullish, and then sold for a 10%+ loss yesterday as it was hitting its lows when the market turned very bearish. Sadly, he and those following him were watching as this rally took hold today.So, I think this is a good time to remind you of what one of our more astute members—Roy Prasad—has said about markets:The goal of EW analysis is to analyze sentiment, not participate in it!I am also going to take this opportunity to remind you WHILE THE MARKET IS UP that most should not be using leveraged ETF’s or options until the heart of a major 3rd wave is taking hold. And, as I have also noted many times before, I don’t expect that to happen until later this year, assuming we are able to complete wave 1 within the next month or two back towards the August highs. For those that had a hard time stomaching this recent pullback, please consider whether you are too heavily leveraged into this complex.via