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Steve,
I dropped down to a daily Unleaded Gas (which would be basically measuring
out the wave 5 on the weekly) and the pattern is a bit more difficult to
read with several senarios, indicating a couple of different trading
strategies.
1. The pattern as shown on the daily is correct and we are in wave 5 which
could move to the weekly MOB level promptly or:
2. The wave 5 shown is really a wave 3 (because wave 3 fell short of an
impulse level 1.618 expansion) and wave 4 is minor 4 of wave 3 (time too
short per Lenny) and the current high is wave 3 (not wave 5), all of which
means the "real "wave 4 will need to occur first before wave 5 gets in gear
again potentially up to the MOB target level.
Bottom line follow your signals as they appear which could either be a buy
(wave 5) to the MOB . . . or a buy (real wave 3 ending), then sell (real
wave 4) , then buy again (real wave 5) to the MOB target area?
Hope all this helps and does not lose you in a lot of EW confusion!
don ewers
----- Original Message -----
From: "Don Ewers" <dbewers@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Sunday, May 27, 2001 8:59 AM
Subject: Re: [RT] Back in the oil bidniz, please help me mr. president
> Steve,
> FWIW the attached "weekly" Unleaded Gas chart would support your long
> position on Chevron (in a longer time frame) with higher prices likely
ahead
> (as the wave 5 target range is approached). The previous wave 4
retracement
> came in just above the 50% level (wave 2 to wave 3) and it had a well
> formed ABC pattern to it, which I generally prefer to see in a wave 4. All
> in all, a textbook EW pattern has been unfolding (so far) on the weekly.
>
> The MOB target area ("make or break" starts at 130 (to 134.80) from the
> current price of 111.69) and it might be a good "get off point" if your
long
> recommendation on Chevron works out. The timing marks on the MOB indicate
> the possible timeframe for this price advance (1st black vertical timing
bar
> is the week of 6-1 and the 2nd the week of 9-14, with a half way point the
> week of 7-27, rough halfway points I am told (Earl) tend to come in more
> than the second timing bar).
>
> From the daily chart you posted, there may be several buy and sell points
> between now and the target area of course. Thanks for sharing this
"equity"
> trade though, one worth watching it would appear!
> Good luck and good trading
> don ewers
>
> ----- Original Message -----
> From: "Steve Karnish" <kernish@xxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>; <metastock@xxxxxxxxxxxxx>;
> <Metastockusers@xxxxxxxxxxxxxxx>
> Sent: Friday, May 25, 2001 11:21 PM
> Subject: [RT] Back in the oil bidniz, please help me mr. president
>
> List,
> I seldom publish equity buy signals to the list. But, here's a play to
> ponder. I slapped on the fib retracements for a special three day,
weekend
> treat. It's a real piece of "eye candy".
>
> Buy and sell arrows are automatically placed by a Chande Momentum
> Oscillator, triggering signals, at symmetrical, equal distances from a
> center baseline.
>
> Anyone with decent analytical software, should be able to recreate this
> success with the CMO, a good StoRSI, or reliable momentum oscillator of
> there choice. All it takes is a lot of research work.
>
> Happy Holidaze,
>
> Steve Karnish, Financial DJ
> Cedar Creek Trading
> http://www.cedarcreektrading.com
>
>
>
>
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