This is intended to be a forum for me to post chart ideas and hopefully receive feedback and stimulate discussion.It is not intended to constitute investment advice.
Thursday, 1 September 2011
3 charts from Joanne Klein's public list at Stockcharts...
Personally I'm not a big fan of that count (which is shared by more than a couple of wavers, Daneric included). I don't like it mainly because the Red Wave 1 is EXTREMELY DIFFICULT to count as a 5 wave impulse. Others like Blankfiend on Fibs and Waves - http://blankfiendsew.blogspot.com/ - have that move counted as an a-b-c with the "big top" being an orthodox top in July, BUT the problem I have with that count (as with the first count as well - strike two) is a "truncated" 5th in a wave 1 position (truncated waves usually come at the end of trends, not the beginning, and they also usually portend a powerful countertrend move in continuation). From an Elliott Wave perspective, I'm leaning towards a w-x-y double zigzag from May highs to Aug. lows (with a few exceptions like the DAX that may be dancing to different drummers - but here again, Blankfiend has the DAX with the orthodox top in July . . . ).
Got to be careful with EW. Everyone and their brother has become an "expert" in recent months (in spite of some of the most blatant basic rule violations one could possibly imagine). While I am also a great fan of Ron Walker, he is a great example of a great technician trying to incorporate another tool without first completely mastering the rules and guidelines. He puts his foot in his mouth time after time, and in the process undermines his authority as a first class technician in other areas where he is indeed quite accomplished. Don't ask me why??? (I wish he'd just leave the EW alone until he's got it completely mastered, but I've digressed and that's another issue for another day). As always, I recommend readers to take with a grain of salt what they themselves are not able to confirm or refute with their own first hand knowledge and analysis.
So many just want the easy, spoon fed, route . . .
Personally I'm not a big fan of that count (which is shared by more than a couple of wavers, Daneric included). I don't like it mainly because the Red Wave 1 is EXTREMELY DIFFICULT to count as a 5 wave impulse. Others like Blankfiend on Fibs and Waves - http://blankfiendsew.blogspot.com/ - have that move counted as an a-b-c with the "big top" being an orthodox top in July, BUT the problem I have with that count (as with the first count as well - strike two) is a "truncated" 5th in a wave 1 position (truncated waves usually come at the end of trends, not the beginning, and they also usually portend a powerful countertrend move in continuation). From an Elliott Wave perspective, I'm leaning towards a w-x-y double zigzag from May highs to Aug. lows (with a few exceptions like the DAX that may be dancing to different drummers - but here again, Blankfiend has the DAX with the orthodox top in July . . . ).
ReplyDeleteGot to be careful with EW. Everyone and their brother has become an "expert" in recent months (in spite of some of the most blatant basic rule violations one could possibly imagine). While I am also a great fan of Ron Walker, he is a great example of a great technician trying to incorporate another tool without first completely mastering the rules and guidelines. He puts his foot in his mouth time after time, and in the process undermines his authority as a first class technician in other areas where he is indeed quite accomplished. Don't ask me why??? (I wish he'd just leave the EW alone until he's got it completely mastered, but I've digressed and that's another issue for another day). As always, I recommend readers to take with a grain of salt what they themselves are not able to confirm or refute with their own first hand knowledge and analysis.
So many just want the easy, spoon fed, route . . .
hi Highrev.yes the elliott counts are pretty secondary for me,not hanging my hat on that one !
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