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What I learned is this....it's not Elliott but it is practical.
When markets Advance they go in 12345...sometimes 6789
When they correct its abc... and sometimes ...de
Corrections are rarely more than 5 pivots.
It's also helpful if you know what the characteristics of the probable last
pivot(S) are and the test (b or 2) after it.
RM
At 05:33 PM 8/5/98 -0100, steven poser wrote:
>John - Elliott can and does work in all time frames in my opinion. Five
>wave patterns are normal. Even in a three wave correction, if it is an
>a-b-c zig-zag, the a-wave and c-wave should be in five waves, so if the
>short term direction is down, then you should see fivers going down. For
>that matter, if the b-wave breaks down into an a-b-c zig-zag going up,
>the first and third waves of the b-wave will be five wave moves too.
>Confused yet?
>
>Good luck!
>
>Steve Poser
>
>John Stevenson wrote:
>>
>> RTers:
>> I would like you all to know that I greatly value the opportunity to
>> "listen in" on the various comments and opinions expressed via the RT
>> Disscussion group. As a relative newbie to trading (I've been intensely
>> observing Mkts for about 2 yrs., and actively position trading for about 9
>> months), I can say that this group has been invaluable to me as a "mentor"
>> (of sorts), as one of many sources of wide ranging opinion, and as an
>> encouragement to begin wading into the ocean of TA. To wit: I recently
>> began the online Elliot Wave course at EW International. It's surely too
>> early yet for me to embark on my own analysis from scratch, but my efforts
>> are starting to bear a little fruit, I think...when I looked at the daily
>> chart for last friday, it looked to me like an example right off the text
>> page of a classic 5 wave pattern, except (importantly?) the pattern was
>> moving down instead of up, ie: lower lows and lower highs.
>>
>> My questions to the group are:
>>
>> 1. Granted the the Ewave is fractal in nature, but is it meaningful to look
>> at patterns as short as one day?
>>
>> 2. If the observation is valid, could it be yet another indication that the
>> fundamental psycology of the market has undergone a sea change?
>>
>> In any case, today's DJIA price action would seem to indicate that the "buy
>> on the dips" crowd is conspicuously absent from the mkt. this time around.
>>
>> For what it's worth, this looks, to my novice eye, like a RE-EMERGENCE of a
>> lower low-lower high trend that appeared briefly in (about) 11/97 or 12/97
>> (I'm working from memory), which I believe has been this markets true
>> character all along. That trend has been distorted by the tsunami of cash
>> we have seen in what I like to call the "Hyper-liquidity" mkt of recent
>> months. Is it possible that that's where the true support is (ie: ~7500 and
>> not 8200 or 8500 as I've heard stated here and elsewhere)?
>>
>> Well, food for thought perhaps, but it seems to me a high probability that
>> the time where pyramid shorting becomes a sensible strategy is just around
>> the next corner on the DJIA. Definitely time for eyes and ears to be wide
>> open, always time for caution.
>>
>> Kudos to those who called for a top in July 24-28 timeframe, looks like you
>> MAY be right! Keep up the fine work, RTers, I for one need your input!
>>
>> John Stevenson
>> Ottawa, Canada
>>
>> P.S. I hereby pledge NEVER to delve into the political arena on the RT
>> Group again!
>
>
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