come on guys, you have waves within waves within waves, it was a
wave 5 of a smaller degree, the larger time frame is still wave 3,
I stated that earlier
Posted by junkmaylbox on 10th of Feb 2009 at 09:09 pm
I am totally confused with his labeling of the waves on the
<a
href="http://breakpointtrades.com/file.php?id=5001">chart</a>
that he posted.
I am seeing 5 waves down, like Matt alludes. I am also seeing 5
waves up within the rising wedge. I am confused as to what the
market's secondary trend is (the primary is obviously down), based
on that <a
href="http://breakpointtrades.com/file.php?id=5001">chart</a>
.
If move down looks impulsive -- like the one shown here -- and
has 5 waves, it is wave 1, 3, or 5 down (if the secondary trend is
down), or it is wave 2 or 4 down (if the secondary trend is up).
Matt labeled the move as wave 3 of 5, so he must have meant that
November lows were only at the end of wave 3 then (I am trying to
figure out his assumption implied in his labeling). This would give
a bearish interpretation of his chart, and one should be positioned
short then. Is there any bullish scenario, where one could have
wave 3 of 5 (I cannot think of any)?
Next, what do big 1 and 2 inside the wedge mean, and how were
they derived?
Lastly, a move that exceeds the 61% retracement of the
preceeding move cannot be corrective. Is this true or false, or it
depends? We closed today below 830, and 61% retracement was at
840.
Comments are welcome. Thanks in advance!
PS Matt's later posts provided more insight, however I did not
have them at the time. So any solution must be based only on the
data in this posting, please.
not wave 5
SPX 10 min observations
Posted by keani4me2000 on 10th of Feb 2009 at 02:31 pm
i don't see a wave 5 only 3 down
come on guys, you have
Posted by matt on 10th of Feb 2009 at 02:37 pm
come on guys, you have waves within waves within waves, it was a wave 5 of a smaller degree, the larger time frame is still wave 3, I stated that earlier
A big picture?
Posted by junkmaylbox on 10th of Feb 2009 at 09:09 pm
I am totally confused with his labeling of the waves on the <a href="http://breakpointtrades.com/file.php?id=5001">chart</a> that he posted.
I am seeing 5 waves down, like Matt alludes. I am also seeing 5 waves up within the rising wedge. I am confused as to what the market's secondary trend is (the primary is obviously down), based on that <a href="http://breakpointtrades.com/file.php?id=5001">chart</a> .
If move down looks impulsive -- like the one shown here -- and has 5 waves, it is wave 1, 3, or 5 down (if the secondary trend is down), or it is wave 2 or 4 down (if the secondary trend is up). Matt labeled the move as wave 3 of 5, so he must have meant that November lows were only at the end of wave 3 then (I am trying to figure out his assumption implied in his labeling). This would give a bearish interpretation of his chart, and one should be positioned short then. Is there any bullish scenario, where one could have wave 3 of 5 (I cannot think of any)?
Next, what do big 1 and 2 inside the wedge mean, and how were they derived?
Lastly, a move that exceeds the 61% retracement of the preceeding move cannot be corrective. Is this true or false, or it depends? We closed today below 830, and 61% retracement was at 840.
Comments are welcome. Thanks in advance!
PS Matt's later posts provided more insight, however I did not have them at the time. So any solution must be based only on the data in this posting, please.
Now you know why I
Posted by unsane on 10th of Feb 2009 at 09:26 pm
Now you know why I don't trade EWs.