Here
is some stuff about 4
thWave Triangles from the book “Elliott Wave Principle”
by Frost and Prechter.
You can buy this book
at Elliott Wave International (if you don’t have it)
Maggie has been posting the charts but they say that one
possibility is that we are still in Wave 4 up with a crash to Wave
5 down still to come.
Refer
to Page 49 if you have the book
“Wave E can undershoot
or overshoot the A-C line, and in fact, our experience tells us
that it happens more often than not.
Despite their sideways
appearance, ALL triangles, effect a net retracement of the
preceding wave at wave E’s end.
A triangle always
occurs in a position PRIOR to the final actionary wave in the
pattern of one larger degree (I am not sure what this means) i.e.,
as wave four in an impulse.
It usually precedes
the final actionary wave.
(maybe wave 5)
When
the triangle occurs in the fourth wave position, wave five is
sometimes swift and travels approximately the distance of the
widest part of the triangle. Elliott used the word “Thrust” in
referring to this swift, short motive wave following a triangle.
The thrust is usually
an impulse but can be an ending diagonal.
Many
analysts are fooled into labeling a completed triangle way too
early.
Triangles take time
and go sideways.
Give triangles time
to develop.”
Their examples show
that often the time at which the boundary lines of a contracting
triangle reach an apex coincides with a turning point in the
market.
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4th Wave Triangles
Posted by finam on 30th of Oct 2008 at 01:40 pm
4 thWave Triangles.
Here is some stuff about 4 thWave Triangles from the book “Elliott Wave Principle” by Frost and Prechter. You can buy this book at Elliott Wave International (if you don’t have it)
Maggie has been posting the charts but they say that one possibility is that we are still in Wave 4 up with a crash to Wave 5 down still to come.
Refer to Page 49 if you have the book
“Wave E can undershoot or overshoot the A-C line, and in fact, our experience tells us that it happens more often than not.
Despite their sideways appearance, ALL triangles, effect a net retracement of the preceding wave at wave E’s end.
A triangle always occurs in a position PRIOR to the final actionary wave in the pattern of one larger degree (I am not sure what this means) i.e., as wave four in an impulse. It usually precedes the final actionary wave. (maybe wave 5)
When the triangle occurs in the fourth wave position, wave five is sometimes swift and travels approximately the distance of the widest part of the triangle. Elliott used the word “Thrust” in referring to this swift, short motive wave following a triangle. The thrust is usually an impulse but can be an ending diagonal.
Many analysts are fooled into labeling a completed triangle way too early. Triangles take time and go sideways. Give triangles time to develop.” Their examples show that often the time at which the boundary lines of a contracting triangle reach an apex coincides with a turning point in the market.