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Hello listees,
<P>I am still at loggerheads with my Mentor , While I put his views here
I still stand by mine (Which I could change, <B>I am looking at 6400</B>).
7200 Then being CRUCIAL.
<P>Your inputs and thoughts welcome.
<P><B>WARNING : The AUTHOR does NOT have access to charts as you
do (Hope to correct that soon).Some number will vary.</B><B></B>
<P><B>Quote "</B>
<BR>1. The market completed a significant impulse move last year at the
<BR> approx 8200 level (again I don't have a proper chart -
only what
<BR> I can see on Yahoo Stock Quotes).
<BR>2. It then made an a-b-c correction with the crash in Oct 1997 being
<BR> the c-wave component. The market touched approx
7200 level where
<BR> the c-wave ended. This a-b-c correction was an (A)
of one larger
<BR> degree.
<BR>3. The subsequent rise from this 7200 level to 9367 is an irregular
<BR> (B) with the (B)-wave being more than 200% of (A).
The reason I
<BR> am taking this rise as a (B)-wave is due to the fact that
the rise
<BR> channels almost perfectly between 2 parallel lines.
This signifies
<BR> corrective behaviour (not impulsive behaviour).
The strength of
<BR> the extended wave in any impulse action, almost always,
breaks the
<BR> upper parallel line (when the extended waves are either
the 3rd or
<BR> the 5th). Hence, if the action was not impulsive
then BY DEFAULT
<BR> it is corrective making it the (B)-wave.
<BR>4. The devastating (C)-wave started downwards from 9367. This
wave
<BR> MUST BE a 5-wave sequence. Market action from the
top certainly
<BR> seems to indicate that we are in a c-wave of some degree.
We must
<BR> now analyse this (C)-wave.
<BR>5. Since the (B)-wave was more than 138.2% of the (A)-wave, THEN THE
<BR> (C)-WAVE MUST FAIL, i.e. the market will not go below
the bottom
<BR> made by the (A)-wave, i.e. the approx 7200 level.
This entire
<BR> (A)-(B)-(C) pattern is known as an irregular failure in
Elliot
<BR> parlance. The significance of this pattern is that
the market
<BR> has tremendous steam still left in it.
<BR>6. Let us analyse the (C)-wave which is yet to complete. The
1st
<BR> wave was from 9367 to the approx level of 8800 - 8900.
The market
<BR> then rallied to approx 9100 level before falling again
then making
<BR> a sideways pattern before crashing from 8672. The
2nd wave
<BR> completed at 8672. The pattern of this 2nd-wave
in Elliot parlance
<BR> is a "running double-three". A "running double-three"
is, almost
<BR> always, a 2nd wave pattern in a 5-wave sequence.
Subsequent market
<BR> action makes me confident about my reading. Every
pattern has its
<BR> own implications and if the market does not follow-up
as it is
<BR> supposed to do after the completion of a particular pattern,
it is
<BR> imperative that you change your count. The fall
from 8672 to 7400
<BR> had all the characteristics of the 3rd wave of a 5-wave
sequence,
<BR> more so coming after a "running double-three" 2nd wave.
We are
<BR> now in the 4th wave correcting upwards. You will
notice that the
<BR> 4th wave looks very similar to the 2nd component of the
"running
<BR> double-three". This is another confirmation that
those two
<BR> patterns are not of the same degree. It is necessary
that two
<BR> alternate waves in the same direction MUST ALTERNATE in
<BR>construction. Hence they are of different degrees with the current
<BR> pattern of the 4th wave being of one higher degree than
the
<BR>previous pattern. Also, it is often noticed that a pattern of
<BR> a higher degree mimics the previous pattern of one lesser
degree
<BR> and vice versa.
<BR>7. The 4th wave which is still in progress has till date retraced
<BR> about 55% of the 3rd wave. This sort of retracement
could lead to
<BR> a 5th wave failure, i.e. the 5th wave will not go below
7400 which
<BR> is the bottom of the 3rd wave. There is no hard
and fast rule
<BR> that the 5th wave will fail but in any case the 5th wave
should
<BR> not be more than 61.8% of the 3rd wave which is the extended
wave.
<BR>8, I write this because if my analysis is correct, then we are
<BR> on the threshold of a great bull market because the significance
<BR> of an (A)-(B)-(C) irregular failure is a strong upward
thrust
<BR> which should be at least 1.618 times the previous impulse
of the
<BR> same degree. <B>" Unquote.</B>
<BR>
<BR> </HTML>
</x-html>From ???@??? Thu Sep 17 16:40:24 1998
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From: "John Hunter" <jhunter@xxxxxxxxxx>
To: <metastock@xxxxxxxxxxxxx>
Subject: Re: Wouldn't it be nice ...
Date: Fri, 18 Sep 1998 07:51:50 +1000
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We have already done it. Anyone interested in a list that discusses
Metastock and its uses on the Australian stock market can join us as
follows:
(cut and paste)
Hi All,
Its all ready to rock and roll. I have left the Subscription open to all.
Please only send gif files as anything else is to big. Try Snag-It at
http://www.techsmith.com for screen captures.
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-----Original Message-----
From: Bill Van Dieman <bill.van.dieman@xxxxxxxxxxxxxxx>
To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
Date: Thursday, 17 September 1998 10:49
Subject: Re: Wouldn't it be nice ...
>Right on Chris. Like you I'm sick of all the non-trading crap that gets
>posted on this list. C'mon guys and gals, let's do it !
>Bill
>
>
> Chris wrote: -> Anybody interested in starting a mailing list that
>discusses -> MetaStock? How about it? Imagine a group of people
>e-mailing each -> other with helpful ideas, tips and questions related
>to trading using -> the MetaStock tools. Sound like a good idea? Who's
>in?
>
>-> Chris
>
>
>
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