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In a message dated 2/21/02 5:48:34 PM Eastern Standard Time, makkems@xxxxxxx writes:
(b) it may be a high or a low (depends on whether it is an inversion)
But that's one of the keys of delta. Once a new rotation is established, one has a good idea as to where the highs and lows are going to come in. That's the whole point of delta. To give one an indication of market direction. So to say that all points can be a high or low, is inaccurate.
Delta does illuminate repeatable market tendancies. At least in my mind there is no question about that. On a 10 day cycle, of course there is going to be a margin of error of a couple days on either side. That margin of error is and always has been meaningless to me in my trading. All I have ever wanted to know is "what direction is the market going." Delta, a vast majority of the time, gives a very clear indication of just that.
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