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Arnold, et al -
My contention is that there have been NO 5-WAVE moves in this drop. What
most people have labeled as wave-A or wave-1 down was not five waves if
you look at the intraday charts. ELLIOTT WAVE COUNTS MUST BE CONSISTENT
OVER ALL TIME FRAMES and no matter how hard I try, I cannot come up with
a reasonable count that is five waves any place in this move when
looking at the intraday counts. That means that we have completed
a-b-c-X-a-b-c.
I would contend that we are now in another x-wave which should see
stocks move to the 1040s again in an a-b-c-d-e pattern, with us now
being in wave-e. I expect one final a-b-c to take us into the 7000/6500
range for a bottom.
Steve Poser
Arnold Thompaon wrote:
>
> The rebound Friday could very well point to a more complex 4th wave
> correction taking place. An abc x abc could very well be taking shape.
> In any case, there is no impulsive 5 wave move up to be seen. The last
> 8 trading days show overlapping waves. A barometer of corrective moves.
> Since I am already short, the point where I am wrong is at 8415 DJ Dec.
> An overlapping of Wave 1 would negate the count. What else can you do
> now but sit and wait? The parameters for the trade have been set.
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