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Lee,
I picked up on it from a Bill Williams book called "Trading Chaos" in the
Chapter 7 section for EW counts page 102 & page 124 (in the chapter he does
give Tom Joseph of AGET credit for the 5/35, but Williams actually uses a
5/34 MACD oscillator). He discusses the need to look at time frames where
you have at least 100 to 140 bars for the oscillator to work right (actually
pages 102 to 166 should be read and thoroughly understood).
The statement made is: "Our research indicates that, for the most accurate
measurement, the wave under consideration should occupy from 100 to 140
bars. If we are looking at a wave sequence of fewer than 100 bars, the MACD
will be measuring the Elliott wave of a larger degree. If the wave sequence
occupies more than 140 bars, the MACD will be measuriung an Elliot wave of a
smaller degree".
What it did for me is help indentify whether the chart I was looking at was
of the right 'time" frame if I planned on using the 5/35 to find wave 4. He
also makes the comment that using the technique (p126) will help most people
that use EW counts from making the most commen mistake, namely counting wave
3 inside of wave 3 as the end of wave 3 and then counting wave 5 of wave 3
as a larger degree wave 5. This would be similar to the question you posed
to me on your OEX post, namely is this wave 4 or just minor 4 of wave 3. To
figure the answer out correctly the right time frame chart has to be looked
at.
I see the 1065.92 Cash S&P high was just hit, hmmm that is pretty close to
the 1066.38 50% retracement W2 to W3 on the 60min chart.
Can you take the TJ web off the 120min chart and put fib retracements (.382,
.50,.618, .786) from the wave 2 to the w3? and ellipse (short normal, long)
on also w2 to w3.
don ewers
----- Original Message -----
From: "Lee Morris" <LMorris@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, October 03, 2001 10:27 AM
Subject: RE: [RT] SPC 120min
> the use of the # of bars is interesting can you expand on the thoughts of
> how the # of bars needed is determined and what "triggers you to move from
> one chart to another based on bar count. here is the 120 min on the snp w/
a
> pti of 30
> -----Original Message-----
> From: Don Ewers [mailto:dbewers@xxxxxxxxxxxxx]
> Sent: Wednesday, October 03, 2001 10:56 AM
> To: Real Traders
> Subject: [RT] SPC 120min
>
>
> Lee,
> My AGET is EOD and as such limited to 60min, daily, weekly and monthly.
>
> Can you post a 120min chart of the SP cash with a 5/35 oscillator w/1.4
> and
> 10/70 oscillator w/1.4. Use whatever count the oscillator tell you? I am
> interested in the PTI?
> don ewers
>
>
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