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Clement,
Sounds like you are turning yourself inside out with getting down in to too
much Elliott details. Look at the big picture:
The SPI always carries on with the party after the Dow/S&P have given up
the ghost.
The SPI has a 3 wave corrective structure on downside.
In 1987 SPI topped on Eclipse 21 Sep. The Dow ignored this point and did
not go to new highs. We have an eclipse on 1 Sep which coincides with a
very important CycleTrader CycleFinder Routine day cluster on 31 Aug & 1
Sep.
The SPI's real target areas are 2820 and 2940.
The Year 7 is the year for the correction to start. The Mass Pressure
Chart has already turned down and confirmed for the DOW.
So, what we are seeing is make or break time. My money is that SPI tries
higher while Dow & S&P fail to go higher (ie have a re-test of previous
hhighs) and we have the classic set up for a larger scale correction into
late November to mid December - I reiterate no crash!!! Everyone remembers
it even the most ardent bulls.
So Clement, Its a 4th Wave correction SPI Is now in a final 5th.
Don't know if it helps but I get real confused if I try tyo do XYZs, Flats
etc. better to label Impulse and correction. Saves time too!
Regards
David
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> From: schong@xxxxxxxxxxxxxxxxxx
> To: realtraders@xxxxxxxxxxxxxx
> Subject: Re: MKT Elliot Wave Count on SPI
> Date: Friday, 22 August 1997 15:50
>
> 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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