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Ross, and RT,
1. Glenn Neely has an intricately involved
approach to wave counting. For a seemingly
complete view of the processes involved,
examine his "Mastering Elliott Wave", which
presents an extensive compilation of rules for
wave counts. For anyone interested in the
Elliott machinations, a heartily recommended
market analysis textbook.
2. Having said that, Tuesday (10/21) high was
approximating the 0.786 retracement from
the 10/7 high and 10/17 low. That, I think,
is an indication of bearish quality for the SP,
given today's inability to breach the level moc.
If the SP closes above 10/21 high, a new leg
up w/b in the cards, not necessarily
immediately, imho.
Best wishes,
Rory Lewellen RL2946@xxxxxxx
Date: Fri, 17 Oct 1997 08:00:38 -0700
From: "Kovacs, Ross R" <KOVACSRR@xxxxxxx>
To: "'realtraders@xxxxxxxxxxxxxx'" <realtraders@xxxxxxxxxxxxxx>
Subject: MKT: Glenn Nealy
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Glenn Nealy was on the local LA business channel yesterday (Thurs.)
1. He gave a 70% probability of a 10 -15% stock correction over the
next few months, starting yesterday. He's expecting approx. 850 on
the S&P. He said a close above the Wed. highs would invalidate the
forecast.
2. He said bonds would experience a deeper and longer correction.
3. Gold to experience an uptrend, after a potential near term retest
of the lows. Regardless of the retest, uptrend is still expected.
OK you wave counters. Anyone else see a similar count? Although
Nealy's Neowave method is slightly different from traditional Eliot
wave analysis, he and Don Wallenchuck have been the only "big name"
general public Eliot wave advisors to be accurately long through this
bull market.
RT's:
1. Any opinions on Glenn's methods or record?
2. Anyone else willing to agree or disagree with this prediction?
Ross
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