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The Elliott Wave Analysis Thread

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MND appears to be a good shorting candidate. Almost perfect wave equality between the waves A and C coupled with a weak showing so far today. It looks like five sub-divided waves within the larger C wave are nearing completion, which should send the stock lower in the larger wave (B). Will wait for the close but likely will short at $8.02, stop at $8.24 and target at $6.38.
 

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Hi Lachlan

I had LEI, WES and WBC in my sights (almost similiar ABC type corrections) over the weekend as possible shorts, the current market momentum seems to taking everything up with it at the moment.

When and where this run ends may create a few shorts though.

Just my
 
There seems to be quite a few stocks in this position. The XAO is at or approaching a pivotal juncture depending how you read the wave counts. One is that the XAO could see some aggressive declines and is a much better fit with the overall wave structure for the last 4months.
 
Sorry if this has already been mentioned.

What are some good books on learning Elliot Wave theory.

Is Nick Radge's book any good - Adaptive Analysis?
 

Throw JBH into the mix aswell Boggo. May provide a good R:R.
 
WOR looked like it was forming an ending diagonal for wave '5' of 'C', completing a Flat (3-3-5). The wave structure suggests that this has now occurred and there should be a pullback, possibly to a new low.

Whether a more complex correction is to unfold remains to be seen, but the short term wave counts on a 15min or 60min chart will clearly highlight the finer details of the declining wave structure. Should five clear waves down on the daily chart become visible, then this will provide some reasonable clarity on the directions of WOR in the coming weeks.
 

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Nero64 said:
Sorry if this has already been mentioned.

What are some good books on learning Elliot Wave theory.

Is Nick Radge's book any good - Adaptive Analysis?
Click to expand...

Hi Nero

Nick's book is very useful and provides practicalities of trading as well as covering EW.

For Intermediate EW: Robert Prechters 'Elliott Wave Principle' is very good
For Advanced EW: Glenn Neely's 'Mastering Elliott Wave' is Excellent (although unnecessarily complex in some of the chapters). He covers complex corrections very well and does a reasonable job with providing guidance as to when corrections are considered complete - hence creating an entry signal.

There was another book that some folks have mentioned in the past, can't remember it - maybe someone will post the name again
 
OzWaveGuy said:
There was another book that some folks have mentioned in the past, can't remember it - maybe someone will post the name again
Click to expand...

Dynamic Trading by Robert Miner perhaps.
I find he gets to the point without over complicating the issue.

My
 

How do you plan to short WBC?
 
wavepicker said:
"Applying Elliott Wave Profitably" by Steven W Poser

is another one that ain't bad
Click to expand...

Application--must have a look.


Nero64 said:
Sorry if this has already been mentioned.

What are some good books on learning Elliot Wave theory.

Is Nick Radge's book any good - Adaptive Analysis?
Click to expand...


Nicks book wont help you learn Elliott.
He does show his application of a setup using Elliott.

The first 50 pages whilst un related directly to Elliott are a must for every trader. In my opinion.
 
XAO
There 2 highly probable scenarios for the XAO that are valid right now. One is a bounce that will last for several months and second is the completion of wave (4) as a Flat (Expanded Flat).

The scenario below focuses on this second scenario - which I tend to favour as wave alternation in shape, time and price would be very evident in this scenario. Time-wise, wave (4) would be around double that of wave (2)

As for the end of this current leg up, I would expect to see some evidence of exhaustion from now upto the areas indicated on the chart. In an expanded flat scenario, wave C may head beyond the end of wave A.

The wave labels for wave C could also change as more subdivisions unfold. A break out (or false breakout) of the channel to the downside that wave C is operating within will help in identifying potential end points for this leg.

Under this scenario once wave C up completes to finish off wave (4), wave (5) will commence and take the index down to new lows.

Cheers

OWG
 

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OzWaveGuy said:
XAO
There 2 highly probable scenarios for the XAO that are valid right now. One is a bounce that will last for several months and second is the completion of wave (4) as a Flat (Expanded Flat).
Click to expand...

Hello Oz,

Thanks for your thoughts. Yes both valid scenarios indeed.
However I would favour your scenario number one myself (and have traded the market with respect to this just prior this rally started))for various reasons outlined in the following analysis:-

https://www.aussiestockforums.com/forums/showpost.php?p=408248&postcount=582

This was clearly evident just before rally started(in the analysis presented in combo with EW). Most did not see this rally coming, but if particular attention was paid to the financials( in terms of EW), the relevant EW patterns in ANZ and CBA to name a few showed a FAST rally was about to commence.

Sometimes it's difficult to make heads or tails of patterns simply focusing on the indices and looking at the movements/patterns of the stocks which have the largest weightings in these indices can benefit.


Having said that you are right, a pullback is due in this market. The key dates were 19th March andf 27th March. Obviously 19th past, so let's see what next week brings. Perhaps a good opportunity to re position for longs.
All the Best

Wavepicker
 
kennas said:
LOLOL, LOLOL. etc...
Click to expand...

.. yours baby!! LOL

At least when I post, I put up some analysis to support my thoughts, right or wrong. Which is more than your smart ass dribble ......

Go and wreck another thread kennas... you are doing a brilliant job of defacing this one. A mod???
 
Oh Please. When you have been calling for falls over the last 20 days of the biggest % rally since god knows when then call for a rise just as we start to top out ya got to expect a little heat.

Your have been wrong. Simple as that. Take it.
 
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