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Clement,
This is the wave count '99 out of 100' Elliotticians will have have on
our SPI, and I can say with a high degree of confidence it is wrong.
It is wrong for two main reasons:
1. When everyone has the same count you can rely on it not working;
2. It breaks numerous wave count rules and guidelines.
I am unable to go into detail here as to why it is wrong, but I will
let you know the impulse move to the upside finished where you have
'wave 2' labelled for a double 5th wave failure. Wave 4 ended where
you have the 2nd 'wave b' labelled around 2650. Another hint, if you
believe your count is correct, try labelling back from the early July
high and show me a complete 5 waves from the April low....can't be
done.
The true test of an Elliotician is how often they change their wave
count to suit current market activity. I have never come across
anyone who does not continually alter their counts. As far as my
counting goes, my count has remained accurate and unchaged since we
formed the April low. For proof, just go to the web page below to
find current examples of my work.
http://www.macquarie.com.au/menu/mnu32.htm
Adrian Pitt
On Thu, 21 Aug 1997 22:50:32 -0700, you wrote:
>I would like to get the opinions from the Elliot Wave practioners in
>this forum regarding my wave count on the Australian Share Price Index
>futures.
>
>I believe we are in wave C of a flat correction(green labels) and
>we have just completed wave 4(purple labels) which is a running
>flat as of August 21st. A Japanese candlestick Shooting Star formed
>today on an important change in trend(CIT) date. I am not giving the
>usual +/- 1 day for a CIT because I managed to tuned it down to the
>exact day in this instance.
>
>By not taking out the high of 2665(the most recent top just before the
>DOW dropped 247 points) today I changed my elliot wave count from
>a completed flat correction(green labels) with a possible X wave up
>to the present one.
>
>Is it possible for a running flat to occur in wave C(green label) which
>is
>a corrective wave? If so does running flat usually indicate
>an extension in the market because in this context it indicates a very
>weak market?
>
>Any comments would be appreciated.
>
>cheers,
>
>Clement Ong
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