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As someone with over 10 years REALTIME experience applying Elliott
techniques that are not published in 99% of all Elliott books and have
proven to work consistently, let me provide you guys with some brief
wrods of direction.
>Greetings John:
>
>Here are a few more pointers I will add in addition to your 'parameters'.
>Hope this helps.
>
>John Nowak wrote:
>
>> A few weeks back there were some posts on Elliot wave. This is an area
>> I am currently exploring....for the weekend. There must be some rules
>> of thumb for the observations and interpretations of the waves. In
>> scanning my charts I have used the following
>>
>> 1) Wave 2 should be equal to wave 4
WRONG
>>
>> 2) Zig Zag in wave 2 is common
>>
WRONG
>> 3) wave 3 can have and extension ...usually 5 wavelets
>
YES but extremely vague and of no value.
> 4) The rules of alternation should also be applied when considering
>corrective waves. For instance, if wave 2 is a simple corrective zigzag;
>alternately, corrective wave 4 should take into account of the possibility
>of a more complex type of pattern. An example would be: 5-3-5(zigzag) +
>triangle + 5-3-5(zigzag) = wave 4.
>
YES...almost always
> 5) The possibility of a fifth wave extension, especially in trading
>stock index and commodities futures.
>
Yes..but once again to vague to be of any real value.
> 6) Overlapping of the fifth wave usually results in the formation of an
>upward wedge before the break down of the current trend.
Its called a Diagonal Triangle or Rising Wedge.
>
> 7) (THIS ONE IS MY PERSONAL PREFERENCE): There SHOULDN'T be any x's
>involve in the counting of corrective waves, except with certain type of
>triangles and wedge where a-b-c-d-e is a perfectly valid counts for these
>type of patterns. Personally, the inclusion of x's in corrective waves
>basically means one really doesn't know what the heck is going on of a
>particular market anymore. IOWs, one has loss his/her perspective already.
>
TOTALLY and UTTERLY WRONG....that is what I thought when learning. X
waves are extremely common and provide a foundation to link multiple
'abc' corrective patterns.
>>
>>
>> Those of you who have more experience in Elliot wave......Could you
>> enter some more that you use....maybe we can develop a better
>> understanding of how the system is to be used. The system I use needs
>> four bars to be posted past the last wave turning point before it plots
>> the wave line is this the norm?
>
>> John
>
> Have a good one
> Jeff Harteam
> Hong Kong
>
Adrian Pitt
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