What a great chart. It fits extremely well with Armstrong’s
April 15 PEI which he projects to be a ‘reactionary high’ (“It’s
Just Time”, October 2008). I’ve got to think about it for a
while since the EW powers prefer a deeper wave 5 (although Prechter felt it was
a near tossup Monday, 2 weeks ago, and closed all his short positions).
On reflection, you should remove the triangle indication that
encompasses the square 3 and 4. It might be a triangle in the
Edwards/Magee sense, but it hasn’t any EW validity. That doesn’t
necessarily change the validity of the EW count. However, on page 51 of EWP
“A triangle always occurs in a position prior to the final actionary wave
in the pattern of one larger degree, i.e., as wave four in an impulse…..”
So, my criticism of the charted EW count is that there isn’t a valid EW
triangle that precedes your wave 5 down. In practice, I have seen
Hochberg and Prechter ignore this rule (or at least not pay attention to the ‘always’)
time and again.
From:
realtraders@xxxxxxxxxxxxxxx [mailto:realtraders@xxxxxxxxxxxxxxx] On Behalf
Of Don Ewers
Sent: Wednesday, March 18, 2009 7:26 PM
To: realtraders@xxxxxxxxxxxxxxx
Subject: [RT] SPX
The
Advanced GET tool called the MOB (make or break target in light blue and cyan)
on the attached marked the low well, actually hitting the black timing on
the MOB only one day off (prior MOB's also shown).
Also
note the massive divergence below the chart on the MACD and 5/35 oscillator
(used to place the Elliott wave count). Red lines are linear regression
channels based on H+L/2.
Seems
like a logical place for a bounce (or more)? Also some Astro time marks were
present.
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