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There are typically 3 thrusts in a trending move in either direction and 2
thrusts in a corrective move. The analysis of these thrusts or waves, which
can be observed in any time frame, form the basis of the Elliott Wave
analysis which proved too complex for my work. Joe Dinapoli's Fibonacci
course, which I purchased many years ago, formed the basis of my trading to
which I've added my own observations/variations. Joe has recently published
book "Dinapoli Levels".
Earl
-----Original Message-----
From: Donald Thompson <detomps@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Sunday, February 21, 1999 10:21 PM
Subject: Re: March Bonds
>Earl,
>
>What is a typical "triple fib thrust"? Price hitting different fib
>targets at three
>different times.
>
>Don
>
>Earl Adamy wrote:
>>
>> Looking at the daily chart, price is hugging the downtrend line drawn
across
>> the 1/28 and 2/10 pivot highs which suggests an upside break is likely.
On
>> the other hand, we lack the typical triple fib thrusts which accompany
>> declines like this (the previous decline between 12/10 and 1/11 was
>> completed in two thrusts). Short interest in the futures has been rising
>> strongly indicating the expectation of further decline but would provide
>> lots of fuel for a sharp rally. The weekly chart shows less uncertainty
to
>> me and the decline appear to be well underway with projection to 120^28.
>>
>> Earl
>>S3 121 31/32
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