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Anil,
>>Horizontal count depends on the base/top formation. For price
objective one must locate the lines with 'most recordings (lines with
least no unoccupied) where count may be taken... <<
Not sure I understand you. Maybe Yes and No. Wyckoff is indeed the
bottom/top base formation that provides the ultimate cause for the
subsequent move, but it's not about the lines least occupied. Rather,
this base, as I've pointed out, should have several definitive
characteristics which should be evident on the daily price/volume
chart first: A PS, a SC, a AR, ST. This defines a Wyckoff Trading
Range (TR). One then uses these points as the beginning and end of
the move on both the daily and PnF, since they are the most crucial
of a TR; that is, the most important support and resistance, no
matter what technique you are using. According to Wyckoff, it only
makes sense to use those areas that prove themselves to be relevant
s/r. The important thing is that price is able to build a cause for
the next move. This takes time. Wyckoff uses blank spaces frequently
when counting across, as long as the end of the count goes back to a
relevant point in the range. This combines both bar chart analysis
and PnF analysis, since they are both dependent upon the SC and the
ultimate test of that SC, which is what proves whether it's supply or
demand that is in control.
Yes, I could have taken the count at 36, but I chose a more
conservative measurement, as that is my style. When it comes down to
it, what's important to me is that a cause has been created, and I
look for that cause on the PnF to somehow sync w/that of the daily
horizontal s/r. When they are in harmony, I know I've found something
real.
Harold
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