Elliott Wave Counting in S&P

[v1k45]

Hi I am new to Elliott waves and would like to learn more about correct counting procedures.

For example, in the two graphs below which is the correct counting procedure?

In graph 1, we are in a downward impulse wave and have just finished wave 4 (corrective) and now entered wave 5.

Graph 1:

In graph 2, we have completed the full downward impulse wave and the full correction.

Graph 2:

Which method of counting in these two graphs is correct?

 

[BeginnerJoe]

Looks to me it's going down to 3 (in 1st) and 5 (in 2nd) for a retest. So I would sell.

 

[deadbroke]

Hi I am new to Elliott waves and would like to learn more about correct counting procedures.

For example, in the two graphs below which is the correct counting procedure?

In graph 1, we are in a downward impulse wave and have just finished wave 4 (corrective) and now entered wave 5.

Graph 1:

In graph 2, we have completed the full downward impulse wave and the full correction.

Graph 2:

Which method of counting in these two graphs is correct?

Graph 1 is easily eliminated because of fundamental Rule #1 ......

Wave 4 cannot enter the price territory of Wave1.

 

[v1k45]

Graph 1 is easily eliminated because of fundamental Rule #1 ......

Wave 4 cannot enter the price territory of Wave1.

But in graph 1 wave 4 has just stopped short of entering the price territory of wave 1 so it has not violated this rule.

My question is that both graph 1 and 2 seem like viable methods of counting so how would you know which one is correct ?

 

[deadbroke]

But in graph 1 wave 4 has just stopped short of entering the price territory of wave 1 so it has not violated this rule.

My question is that both graph 1 and 2 seem like viable methods of counting so how would you know which one is correct ?

If YahooFinance prices shown below are the same as what's in your chart, it begs the question, what are you smoking?

 

[v1k45]

If YahooFinance prices shown below are the same as what's in your chart, it begs the question, what are you smoking?

Even on your chart, you can see that the daily CLOSE of wave 4 has never been into the price territory of wave 1.

Yes, the there have been fluctuations of wave 4 which have gone into the price territory of wave 1, but it has never closed into it.