Lately I've been paying more attention to Elliot Wave Theory,
via Tony Caldaro's site. His count has us in a primary 3rd
wave, and he predicts SPX highs in 2013 of 1545-1586. If I
read his weekly chart correctly (
http://stockcharts.com/public/1269446/tenpp), then his primary
wave I at 1370 (the 2011 high) is our marker for whether we
continue up in the longer term. I.e., breaking that on a
weekly chart would negate the bullish count. So, a good level
to watch on any pullback. I'm not an EW expert, though -
Steve, care to weigh in?
I think Caldaro does his site for attention.
There are real world events happening and intervnetions so normal
wave action is lessened, some EW does still work occasionally, but
not that often. Don't get carried away with
EW. My weigh in.
Seems to me it depends too on what level the wave count is.
I think those higher levels are harder to put credence in,
since world events, etc. can negate a count that's been in place
for months. But I do put credence in an intraday chart w/ a
5-wave impulse down and then a 3-wave bounce for shorting (or the
reverse, etc.). As a rank amateur I've learned that much,
anyway, from BPT.
Lately I've been paying more
"This time its different, I swear!"
Posted by frtaylor on 6th of Apr 2012 at 09:58 am
Lately I've been paying more attention to Elliot Wave Theory, via Tony Caldaro's site. His count has us in a primary 3rd wave, and he predicts SPX highs in 2013 of 1545-1586. If I read his weekly chart correctly ( http://stockcharts.com/public/1269446/tenpp), then his primary wave I at 1370 (the 2011 high) is our marker for whether we continue up in the longer term. I.e., breaking that on a weekly chart would negate the bullish count. So, a good level to watch on any pullback. I'm not an EW expert, though - Steve, care to weigh in?
I think Caldaro does his
Posted by steveo on 6th of Apr 2012 at 05:19 pm
I think Caldaro does his site for attention. There are real world events happening and intervnetions so normal wave action is lessened, some EW does still work occasionally, but not that often. Don't get carried away with EW. My weigh in.
Seems to me it depends
Posted by frtaylor on 6th of Apr 2012 at 09:46 pm
Seems to me it depends too on what level the wave count is. I think those higher levels are harder to put credence in, since world events, etc. can negate a count that's been in place for months. But I do put credence in an intraday chart w/ a 5-wave impulse down and then a 3-wave bounce for shorting (or the reverse, etc.). As a rank amateur I've learned that much, anyway, from BPT.
Yep, sometimes they are textbook
Posted by steveo on 9th of Apr 2012 at 02:27 pm
Yep, sometimes they are textbook especially on the very short timeframes.