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Mentorspeak "
Thanks for the picture. In the box on the left hand side is a little
information about the double-three. The interpretation is correct
about it being a sideways corrective pattern. It will be a time
consuming sideways pattern because it is made up of 7 waves (2 more
than a triangle - which by itself is a time consuming pattern).
Double-3s also occur in the second wave position when the 3rd wave is
going to extend. In this pattern, almost all the 7 waves will be
of approx the same length including the x-wave which connects the
2 corrective flat formations.
The running double-3 is a different story altogether. Because of the
very strong post-market action after the completion of a running
double-3, the pattern invariably occurs as a 2nd wave pattern before
a powerful extended 3rd wave. Channeling techniques are normally
the first indicators that warn you that a running double-3 is
forming. In a running double-3, the x-wave that connects the two
corrective formations elongates and quite often the "second three"
does not overlap into the price zone of the "first three". Though it
is possible for a running double-3 to occur in the 4th wave position,
it would be rare. It would be even rarer for it to occur in the
b-wave position.
The Market
I still think it is a b-wave of the 4th wave and that the extended
5th wave has not yet begun. I may be wrong but what leads me to
believe this is the volume in the DJIA. The volume when the 3rd
wave was in progress, was higher. b-waves are basically "sucker"
waves. They have low volumes but in an irregular b-wave (which I
believe is what we are witnessing) there will be a burst in volume as
the wave peaks out. At 8742, the b-wave is already 127% of the
a-wave. Wherever the b-wave ends, it appears to me that the c-wave
is definitely going to fail, i.e. it will not go below 8328.
"
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