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Price attempted rally, failed and hit the 12Sep pivot low confirming the
move down which I refer to as setting the rim of the cup. Then it rallied
into a handle and tanked again down through the rim. In EW parlance, this
morning's rally was likely a minor w.4 of W.3 and the decline into the day's
lows, the end of W.3. We should expect something of a W.4 rally followed by
another decline to complete W.5. Once that is complete, we will see where
the market wants to go next. In a perfect world the completed 5 wave pattern
down would be a larger W.1 and we'd get a nice W.2 rally into which to short
for the larger W.3 decline.
I don't play these little intraday swings anymore because the hedgies and
other games players were driving me nuts. Or maybe I was just burned out by
the chop after trading the intraday swings for too many years. At any rate,
I look at the weekly and daily charts, send in my orders and go play golf or
something equally entertaining. Funny thing is that I'm making more money
and having more fun.
Earl
----- Original Message -----
From: "EarlA" <earl.a@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, September 25, 2003 7:21 AM
Subject: Re: [RT] Hurst 4 chart
> On very short term basis, I note that the decline failed to hit the 12Sep
> SPX low by a small margin. This is generally indicative of a failed
decline,
> so I would expect a strong rally which will retrace at least 50% of the
> decline.
>
> Earl
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