Posted by jcomptonod on 16th of Nov 2009 at 08:19 am
This pattern ('82 to 2009) has the look of a completed 5
(possibly 3) wave with an ABC correction . I doubt it fits in the
books this way because of the sort of flat type correction and my
knowledge of Ewave corrective patterns is very limited, but
the fib measurements sure smell of the same type of
corrective action as a common zig zag
correction.
If this were correct and it's a huge IF, the implications
of this would be that there is no big C wave to come or a primary 3
down. C already happened. We're onto a new pattern
possibly or maybe a big wave 5. Is it right? Who knows,
only time will show us that. But, it appears to be at least
something to consider to open your mind to other possibilities.
Why was I even looking at it? Because there are some
things in the market and some stocks that make me think that we may
be in store for a correction rather than a big down move. Of
course, we'll know a lot more as we tackle these huge
trendlines.
If nothing else, I think this shows that you have to open up
your thinking when you start using Ewave for longer term
projections. It seems to open up a lot of room for error.
We certainly had a clear 5 wave decline off the 2007 highs but
it's always troublesome to make longer term projections. We
will keep an open mind to whatever the technicals suggest.
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Simple Translation
Question Everything. Alternative view.
Posted by jcomptonod on 16th of Nov 2009 at 08:19 am
This pattern ('82 to 2009) has the look of a completed 5 (possibly 3) wave with an ABC correction . I doubt it fits in the books this way because of the sort of flat type correction and my knowledge of Ewave corrective patterns is very limited, but the fib measurements sure smell of the same type of corrective action as a common zig zag correction.
If this were correct and it's a huge IF, the implications of this would be that there is no big C wave to come or a primary 3 down. C already happened. We're onto a new pattern possibly or maybe a big wave 5. Is it right? Who knows, only time will show us that. But, it appears to be at least something to consider to open your mind to other possibilities.
Why was I even looking at it? Because there are some things in the market and some stocks that make me think that we may be in store for a correction rather than a big down move. Of course, we'll know a lot more as we tackle these huge trendlines.
If nothing else, I think this shows that you have to open up your thinking when you start using Ewave for longer term projections. It seems to open up a lot of room for error.
We certainly had a clear
Posted by steve on 16th of Nov 2009 at 09:18 am
We certainly had a clear 5 wave decline off the 2007 highs but it's always troublesome to make longer term projections. We will keep an open mind to whatever the technicals suggest.