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Robert Prechter claims that manias end at a point below where they started.
I don't feel qualified to say whether the Hang Seng represents a mania (a
longer term chart would help) but I suspect that if it does, there is
plenty to go on the down side.
By the way Jeff, you make a good point about a "forecasting" setup vs. a
"trading" setup. Maybe the ultimate outcome isn't important. Then again,
one person's trade is another person's investment........Ed
>> To Jeff etc. Re: Elliott Wave Hang Sing
>>
>> What do you feel the possibility of your entire wave to the end of "4" and
>> going to Wave 5 as being wave A followed by Wave B and C, completing a zig
>> zag formation from which a new cycle wave can begin. This interpretation
>> whould seem to have a much more dire outlook for the Asian situation.
>>
>> The only chart I have on the Hang Sing is the one in your GIF file which
>> leaves me short of data from which to really draw valid conclustions.
>>
>> Are there any web sites which will show weekly and monthly charts on the
>> Hang Sing.
>>
>> Kind regards,
>>
>> Yorker
>
>Hi Yorker:
>
>Your argument above is indeed a very insightful and valid one. In fact,
this
>scenario of the Hang Seng Index has been kept in the back of my mind ever
>since I started to suspect the possibility of a five-wave corrective phase.
>This, AT LEAST, gives out a warning to me that the current corrections may
not
>be the whole of the corrective phase. I had a chat with my mentor not long
>ago and he, also, painted a very grim picture of the index. He was quite
>specific to certain areas of levels and timeframe. He went on saying
that at
>around the 7,000 levels, stock investors should long the market without
>hesitation and ALWAYS make use of protective trailing profit stops once in
and
>by the year 2003 (give or take), we'll see the Hang Seng Index at the 2,000
>levels. To put it another way, we are just a few years away from the big
>bear. Thankyou for your contributions in respect to wave counts. This gives
>me another scenario to store in memory.
>
>As far as I gathered, there isn't any site that provides daily or weekly Hang
>Seng Index charts. Regards.
>
>Have a good one
>Jeff Harteam
>Hong Kong
>
>
>
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