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>However, considering the breadth confirmations I see for this
>rally, I'm preferring an alternate scenario of 2 completed impulse waves
>beginning 9/1 with pivots on: 9/23(H), 10/8(L), 11/06(H). Even though the
>10/8 low was lower than the 9/1 low,..............
Earl,
I suspect you are going to get several responses from those who will tell you
that wave 2 cannot retrace all of wave 1, and still be a valid count. There
may only be a few "written in stone" rules for Elliott, but this is one of
them.
Fibonacci projections and retracement levels are not restricted by these rules
however, and whether we arrive at a 38% or 62% retracement of the rise from
10/8, this unfortunately will neither confirm nor disprove your count.
I personally think you are correct in thinking we started a move up from 9/1
and not 10/8, when talking about "degrees" that include 7/20 as well. However,
I see the move up from 9/1 as a three wave corrective move (abc) that should
end very shortly, if it hasn't already. I think this three wave move is only
part of the upward leg of a much larger triangle (wave D) that will take us to
new highs, or very close, before the last leg of the triangle brings us back
down "slightly". All this being several months away.
A 38% or 62% retracement of the move up from 10/8 is what I'm expecting to see
before this triangle continues.
Triangle projection can seen here.
http://tiger.golden.net/laird/ShortTerm.htm
Cheers,
Peter
http://tiger.golden.net/laird/Comment.htm
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