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Lenny/ Carl /Ben - As I recall:
Wave A is either a three or five wave sequence.
Wave B is a three wave sequence.
Wave C is a five wave sequence.
This would indicate more trouble for the DJI since only a 3 wave (or
possibly 4)sequence can be seen on the daily (attached).
The Daily 5/35 is not to zero in the wave 4, however as noted in previous
comments about the 5/35 oscillator, that between 100 to 140 bars are
required for it to do this and there are only 42 here (from the start of wave
1). Ideally a 120min chart should be viewed to see the oscillator get to
zero (approximately 140 bars) and wave 5 to potentially begin. I can't
post a 120min AGET chart (BobR perhaps you could post one with the 5/35 on
it). I suspect it is already there, maybe slightly above.
I have also attached a 60min chart which shows the count that is
potentially unfolding and in agreement with Carl's post that a wave
5 is yet to come, I believe (ignore the "in control" issue here with
the 5/35). Also in agreement with Earl's comments. The MOB on the
60min chart might represent a support point? (the MOB on the daily chart
represented therefore maybe only wave 3 support?)
Good luck and good trading,
don ewers
<BLOCKQUOTE dir=ltr
style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
rosow@xxxxxxx
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Friday, April 06, 2001 8:44
PM
Subject: Re: [RT] The Psychology Cycle +
Elliott Wave
<FONT lang=0
face="Arial Rounded MT Bold" size=2 FAMILY="SANSSERIF">Ben,
Here is a closer look at the long term DJI chart I
posted a night or two ago. In GET, AT THIS TIME, it shows a possible
completion of a Wave 4 correction on the weekly long term chart. The keys
here are that Wave B:4 retraced 78.6% of Wave A:4, which is normal, and
Wave C:4 basically = Wave A:4 ignoring the one day spike low shakeout ALA
Connie Brown. My opinion is this, 9375ish needs to hold if a Wave 4
completion has taken place. It's the area where Wave A = Wave C and is
smack in the middle of a GET MOB. As far as I'm concerned the DJI is
strong above this level and weak below it. Price also remains over the red
Wave 4 channel with a PTI over 35 & the 5/35 Oscillator pulling back
to zero. I don't know the future but I guess I know my "Cry Uncle" point!
(ggg)
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