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Lenny,
I agree with your weekly count.
Using AGET weekly charts, after "parobolic" moves, will almost always
initially label the correction downward wave 3 due to the depth of the 5/35
oscillator (likely on the way up also if the 5/35 never reaches zero). It
makes sense to look at them using the 5/17 oscillator that shows the
internal count of these severe pullbacks, so thanks for the suggestion.
If one goes to the current daily chart this gives a 1-2-3 count up off the
bottom so "TV" a wave 4 pullback is likely at some point here (this whole
sequence may be relabeled a 1-2 eventually if the stock continues to move
higher thereafter)? If one looks back to April-June another 1-2-3-4 count
up occurred off the low, but since there was no "credible" minor wave 4" at
that point, that rally was assumed to be just that, and that lower minor
wave 5 lows would follow, (which in fact has now occured) which stresses why
I like to look for the "good" minor wave 4 before assuming a 5 wave sequence
is complete (the first one is frequently a fake out and only a minor wave 4
of wave 5)? I think this is the part that can frustrate early users of the
software until they "read between the lines at times" (ie the imfamous count
change).
Lenny, I have showed both of the retracements (normal fib from wave 2 and
from wave 1) you mentioned. I have found just the wave 3 retracement quite
accurate though and only use the full wave 1- wave 3 retracements if the
wave 4 red channel is exceeded, since wave 4 should be correcting only wave
3 only (wave 1 was corrected by wave 2). I see some confluence, so lets see
how it works out (assuming CSCO recent high starts a correction here).
don ewers
----- Original Message -----
From: <rosow@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Sunday, November 25, 2001 7:02 PM
Subject: Re: [RT] elliot-wave chart for csco, emc, msft, ibm
> In a message dated 11/25/2001 7:45:29 PM Eastern Standard Time,
> dbewers@xxxxxxxxxxxxx writes:
>
>
> > I noticed from your CSCO weekly chart your wave 4 retracements are from
the
> > start of wave 1 (retracement of the entire move) FWIW.
> >
>
> Don,
> My count has a completed 5-wave move. GET has CSCO in a wave 4
> retracement : >) If you notice my big blue #'s I have a 5 where GET has a
> three.
>
> Regards,
> Lenny
>
> PS - Miner teaches you to use both the 1-3 and wave 3 retracements for a
wave
> 4. Any area of confluence between the two is a likely area to hold.
>
>
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