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What I see is what is called "Mirror Image" which
is one way to forecast any market. Letme explain: if you take the GIF
picture of NASDAQ chart and print it on paper then folded onthe axis
4/4/2001 you will see the leg up in the NASDAQ starting 4/4/2001 uptill now
is similar to the leg down starting 4/4/2001 and reversing back,this is
represent mass psychology in specific market, that is why I amexpecting the
minor swing down is due Monday or Tuesday. This is importantmethod to know
to help you in forecasting the market. Don't depend on itsolely, it is one
way to help you in drawing the big picture.
Lenny, Personally <FONT face=Arial
size=2>I find Elliot wave theory is one of the methods in time and price
extension, but when it come to forecast where you are and where are you going
from now I find very difficult to trade because of endless possibilities. If you
take 10 trader trade based on Elliott, you will have 10 answers and all may be
correct. Elliot add to the big picture and I use it but I am reluctant to base
my trading decisions on the wave count. I watch time and price extension
carefully and fibonacci sequence is important, but I am not sure of the wave
count.
Haytham
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