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Dear Charley,
>From your message I understood that replacement of the current "wave 3"
should bottom above the top of "wave 1". But how big that replacement could
be, or, in other words, how much we "should" retrace current up trust?
Alex.
At 10:56 AM 10/31/99 -0700, charleydan wrote:
>RT--
>S&P---Stockastics
>
>I find that SP9Z(S&P dec)---has completed wave 5 on 10/18, a complex
>larger wave 4 correction (7/19--10/18). Now we will resume up to new highs.
>If you did not get in on this low we will be doing a retracement off of 1388
>area as indicated from the first part of this leg of 10/18--10/22 which was
>764 pts add that to 1285 and you get my exit strategy at 1388, just a little
>higher from where we are at. 1318 is the high of leg one and so do not look
>for a retracement below that till wave five is completed in this leg. After
>leg five we will have a deep retracement ussually between 65-75%. How do
>you know the points of waves. This is what confuses people so often and say
>Elliott Wave is so hard. Here is to simplify it. I use Daily and 1/5
>time frame of daily for intraday for Elliott Wave and Slow Stockastics set
>at 14. You don't need the two time frames it just fits into my trading
>style. But when slow stockastics goes to 25 or 75 and reverses to the
>opposite side we have a wave point. This is somewhat retrospect but is not
>really since most market moves are after the stockastics is extended, but it
>keeps you focused what to expect next. Such as LHZ9(lean hogs dec) if you
>look you should be able to see a very complex five wave inside wave a and
>wave b is developing now and therefore on retracement(notice stockastics
>extended and confirm a point on 10/25), also I find a divergency of
>stockastics on wave five(such as lh9z--10/25). That lets you also know that
>your wave count has just finished a bigger wave formation. Just a
>different outlook on Stockastics. Hope this helps all.
>
>happy trading
>charley danielson
>
>
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