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Tom Alexander wrote:
>
> Hi Peter,
>
> Your Elliott count and and assessment looks good to me. Breadth was
> extemely negative on Friday, with a net negative 2226 issues. This is
> typical third wave type of momentum. Readings in this area over the last
> couple of years have been within a percent or two of important lows. We may
> start lower early Monday to complete a third down and then begin a strong
> rally to begin a fourth.
>
> Also, I believe we are in the area John Boggio has targeted for the end of
> a symmetrical wave pattern in his work.
>
> Regards,
>
> Tom Alexander
>
>
> ----------
> > From: PJLaird@xxxxxxx
> > To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> > Subject: Re: MKT - Elliott follow up
> > Date: Saturday, August 16, 1997 1:26 PM
> >
> > detomps@xxxxxxxxxxxxx
> >
> > In a message dated 97-08-16 09:55:38 EDT, you write:
> >
> > << I would like to get more EW on since, I like other views..... I
> > personally like chat and chart like this example. >>
> >
> > Good. Attached is a "follow up" to the Elliott chart of yesterday.
> >
> > The scenario of an ABC suggested yesterday (letters now bracketed) was
> most
> > probably incorrect.
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> > So, my guess is 7600 stands a good chance of being a bottom, but I'm a
> bad
> > guesser. Critical points for market action from me are 7600 on the
> downside,
> > and a "good" break of that descending upper red trendline for upside
> entry.
> >
> > Peter
> >
OK, let me remind you that a market never has one leg. There are either
3 or 5 depending on whether
you consider the wave in the direction of the trend. This said, the
next probable scenario is a rebound as
we started on today (wave B or 2), and then another wave down (wave C or
3). This is not an interaday count.
Wave A had it's own abc count on the way down.
My preferred count, which coincides with Precther's Elliottwave, is an A
wave with a B in progress. Wave C will be forthcoming. But in this
great Bull Market, as happens frequently in commodities, Wave C has
often been shortened and does not make decisively new lows. So
calculate the Fibinnaci numbers and watch the B wave end. Then let wave
C make the final wave of this correction. At that point I am going to
look for an entry point to buy the market.
As a Note: Most people don't know that Pretcher's Elliott counts can
and have been bullish and correct. What makes the news is when a top is
in place and Pretcher has warned that this correction may be the BIG
TURN. This has happened to all of us. When the market says we're wrong,
we change as soon as possible. Or when we
have lost enough that it makes us howl in pain.
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