Yes we were on about it back in Oct with those great charts of yours🙂
http://www.trade2win.com/boards/showthread.php?p=283968#post283968
http://www.trade2win.com/boards/showthread.php?p=283968#post283968
Bez said:
Hi Bez,
Thanks for your response. I just wish I could understand EW analysis more than I do. I can grasp the basic principles of the number of waves, but 'where' to start and finish drawing them, is, I'm afraid, way beyond me. I guess you start from 'point A' and draw the lines in relation to fib numbers. But, on the chart of the INDU do you see a pullback to 12338 as the next wave, and, would I be right in saying, that wave 3 could still extend anyway? As I write, the futures are up 22 points again.
cheers - Tricks
It can be hard a first to get a grasp on the waves and which degrees to lable but it comes easier after time. I've lost count (no pun int 🙂 how many times i've thumbed through Prechter's books over the years to double check counts.
I would like a pull back to a fib ratio measured from point (8) to point (9) but no lower than point (8)'s low as this was the last Medium delta turn point ( 12337) . If it breaks that it means a high frame is in and I would have to re assess things.
We are due a medium delta point high around this week ...so that INDU EW count would fit very well to have the next Medium delta point low on the 8th+/- of March as a wave 4 low.
It quite rare to have more than 9 waves on a higher degree daily time frame & the 261.8% extention is a classic wave 3 target so this area (+/- for stops) will catch the eye of the techincal traders now this months buy options expiration is out the way....
But I'm just an intraday trader, I only look at the higher time frames as a gray matter exercise just to get a basic idea of directional pressure. 😱
I would like a pull back to a fib ratio measured from point (8) to point (9) but no lower than point (8)'s low as this was the last Medium delta turn point ( 12337) . If it breaks that it means a high frame is in and I would have to re assess things.
We are due a medium delta point high around this week ...so that INDU EW count would fit very well to have the next Medium delta point low on the 8th+/- of March as a wave 4 low.
It quite rare to have more than 9 waves on a higher degree daily time frame & the 261.8% extention is a classic wave 3 target so this area (+/- for stops) will catch the eye of the techincal traders now this months buy options expiration is out the way....
But I'm just an intraday trader, I only look at the higher time frames as a gray matter exercise just to get a basic idea of directional pressure. 😱
hobby
Active member
- Messages
- 146
- Likes
- 10
Bez said:
I'd have to say that no matter how many times I read your posts, I never really know whether you're saying the outlook is bullish or bearish...(not meant aggressively!) but I guess that's cos I'm not in the least bit EW'ed up!
So what is EW telling you at the moment...in 'non-EW speak' for others like me!
firewalker99
Legendary member
- Messages
- 6,655
- Likes
- 612
leovirgo said:
Looks like it needs some kind of catalyst to break that support 🙁
Edit: as we speak... 😀
Last edited:
The_Prophet
Newbie
- Messages
- 4
- Likes
- 0
firewalker99 said:
Catalyst - Well we have Iran causing a bit of a fuss.. will it lead to anything?
