|
PureBytes Links
Trading Reference Links
|
Carl - Try using percentage changes, which I would contend is more correct
when the moves are large, and you get a "possible" answer of about 1463.
Also, assuming that this is a s-t bottom, and just wave-1 of wave-C, then
using a classic (never happens of course) 62% wave-2 retracement, a 1.618
extension in wave-3 of wave-C, a 38% retracement for wave-4 and then wave-5
equals wave-1 (targets computed as percentages and retracements as percent
of drop retraced), we get a 1624 target.
Another possibility would be, if you ignore the 1.618 "requirement" for
wave-C, and assume a bottom here, or nearby, we could have a-b-c complete,
or more likely, a-b-c-x-a-b-c. If x retraces 50% of the losses and the next
a-b-c loses the same percentage as the first a-b-c, we get a target near
2115.
Steve Poser
---
Steven W. Poser, President
Poser Global Market Strategies Inc.
http://www.poserglobal.com
swp@xxxxxxxxxxxxxxx
Tel: 201-995-0845
Fax: 201-995-0846
-----Original Message-----
From: Carl Vanhaesendonck [mailto:carl.vanhaesendonck@xxxxxxxxxx]
Sent: Monday, November 27, 2000 5:01 AM
To: realtraders@xxxxxxxxxxx
Subject: [RT] Re: NASDAQ COMP. Wave Counts
Jeff,
i do not totally agree with your EW count, as for the location of B
(the green one). I would have put it at the previous top. Anyway, it
does not change a lot. One thing concerns me: perhaps you know the
Elliott rule stating that if you can clearly count a 5-waves in
the "A" leg, which is very obviously the case here, then you can be
pretty sure that the upcoming C wave will be 1.61 the length of "A",
which in this case would pull the Nasdaq down to...oh no...it's
impossible...damnit !
Carl
--- In realtraders@xxxxxxxxxxx, Jeffrey Harteam <jharteam@xxxx> wrote:
> Greetings Traders:
>
> The Nasdaq Comp. is nearing its final leg of downmove to complete
its
> intermediate correction a-b-c since 03/10/2000. The final wave 5 of
c
> has taken the shape of a declining wedge. This is a classical 5-3-5
> Elliott Wave pattern. Regards
>
> Have a good one
> Jeff Harteam
> Hong Kong
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxx
-------------------------- eGroups Sponsor -------------------------~-~>
eLerts
It's Easy. It's Fun. Best of All, it's Free!
http://click.egroups.com/1/9699/0/_/152424/_/975330242/
---------------------------------------------------------------------_->
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxx
|