The reason is that 1181 was important was that it the bottom of
wave 1 so I am guessing that wave 4 or any later part of wave 3
should not invade the space of wave 1... an EW rule.
So I suppose if the whole wave down is complete, or when it is
complete then a larger degree wave 2 can take it well above that
level so it should desire!
also you will note he had one chart as a 30 min and the other as
a 15 min...just easier to see his counts i imagine.
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Reviewing your charts and answering your request
Useful Dynamic Stockcharts
Posted by bboylan on 6th of May 2010 at 07:08 am
I like the first chart.....I think your slope is to steep on the second chart.
Why do you say the $SPX has no business back up at 1181 ?....it is going up there...I think
BB
bboylan, not my charts
Posted by perthx on 6th of May 2010 at 08:23 am
the charts I posted last night are from:
http://www.ewtrendsandcharts.blogspot.com/.
The reason is that 1181 was important was that it the bottom of wave 1 so I am guessing that wave 4 or any later part of wave 3 should not invade the space of wave 1... an EW rule.
So I suppose if the whole wave down is complete, or when it is complete then a larger degree wave 2 can take it well above that level so it should desire!
also you will note he had one chart as a 30 min and the other as a 15 min...just easier to see his counts i imagine.