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I was quite amused by your post .... reminiscent of a School master with a 15
inch ruler in this hand. His sole words of direction and encouragement
..."Wrong"....." that's close"...very laconic. Quite useless as a teacher. We
were ecstatic when we heard of his retirement.
Now that we've had our coffee and laugh for the day......Let try this one again.
Pick one of the areas you would like to share your insights and post. We would
like to see your ' wrods of direction.' With 10 years of real time experience
you have many rules and observances you can share. We can all see you are
interested in helping.....but seemed rushed for time.
John
Adrian Pitt wrote:
> 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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