Don't need to, I have live data.
But yse, SP500 up 5 at this point in time; but this point in time (1 hour before cash open) is meaningless. Let's see where it closes.
Don't need to, I have live data.
But yse, SP500 up 5 at this point in time; but this point in time (1 hour before cash open) is meaningless. Let's see where it closes.
I think that it's not completely meaningless...... I mean +5 or -100 like it was earlier today does give some indication of sentiment...doesn't it?
I think that it's not completely meaningless...... I mean +5 or -100 like it was earlier today does give some indication of sentiment...doesn't it?
Your wave-iv's keep overlapping the highs of wave-i which is not allowed. As such these moves are corrective, not impulsive.
Where?I notice exemptions to rules like that one...
Why?...and it seems to me the current circumstances qualify.
Where?
Why?
MOTIVE WAVES
Motive waves subdivide into five waves with certain characteristics and always move in the same direction as the trend of one larger degree. They are straightforward and relatively easy to recognize and interpret.
Within motive waves, wave 2 never retraces more than 100% of wave 1, and wave 4 never retraces more than 100% of wave 3. Wave 3, moreover, always travels beyond the end of wave 1. The goal of an impulse is to make progress, and these rules of formation assure that it will.
Elliott further discovered that in price terms, wave 3 is often the longest and never the shortest among waves 1, 3 and 5. As long as wave 3 undergoes a greater percentage movement than either wave 1 or 5, this rule is satisfied. It almost always holds on an arithmetic basis as well. There are two types of motive waves: impulses and diagonal triangles.
IMPULSE
The most common motive wave is an impulse. In an impulse, wave 4 does not enter the territory of (i.e., “overlap”) wave 1. This rule holds for all non-leveraged cash basis markets. Futures markets, with their extreme leverage, can induce short term price extremes that would not occur in cash markets. Even so, overlapping is usually confined to daily and intraday price fluctuations and even then is extremely rare. In addition, the actionary subwaves (1, 3 and 5) of an impulse are themselves motive, and subwave 3 is specifically an impulse. Figures 2, 3 and 4 all depict impulses in the 1, 3, 5, A and C wave positions.
http://www.elliottwave.net/educational/basictenets/basics2.htm
This is one web site that leaves the door open to exceptions... and isn't the nature of all the trouble in the world economy today, especially the stock markets, the 'exceptional' level of leverage in the markets.
This text that you quoted, specifically excludes the current XAO action as an impulse on at least two points.
It ain't an impulse.
Which two... that ain't affected by exceptions?
We are drifting off the thread subject slightly but I just thought I would post one of Robert Miner's commit to memory rules re W4.
"Wave-4 should not make a daily close into the closing range
of the Wave-1"
(my underline)
Mike
Boggo, he also states that this is ok for futures etc.If wave 4 penetrates wave 1 it is not seen as a impulse.
At work so no chart but the recent price action has closed into wave 1, therefore it is an A,B,C correction, we are in wave 1 of an impulse down.No question at the moment, it would take a large move up to invalidate this count.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?