|
PureBytes Links
Trading Reference Links
|
yorker@xxxxxxx wrote:
As I see the current status of this market, one interpretation seems to
be as follows:
WE are now in intermediate W5 of primary W3 with Oct 97 low being
intermediate W4. This would put us into an intermediate 5th wave
advance in primary W3. If this is the case, that would now put us in
minor Wl of intermediate W5 of primary W3, which most likely will end
shortly, followed by minor W2 (a correction near year end) followed by
minor W3 up likely to start off the new year. After minor W4 and W5
are completed we should see the end of intermediate W5 ending Primary W3
and a significant Bear market to follow.
>
>REPLY
This is one interpetation, Yes. And maybe the one most favored amongst
Elliot Wave counters. Then there is the Robert Pretcher count where
this is it folks. We are already in minute Wave 2, but in a Grand Super
Cycle Bear market instead. Either way, this is the problem with Elliott
Wave counting. Which way do I go. Only the market will clarify the
answer. Now I know that that is not an answer we can trade on. Maybe
others can shed light on wave counting.
I keep it fairly close when counting waves. Daily or intraday five up,
then 3 down to a Fibonnacci support and enter a trade. Stay with the
trend. Change your count long term when it obviously does not hold
water.
|