Elliott Wave Question

Discussion in 'Technical Analysis' started by richard_m, Dec 30, 2007.

  1. I have a EW question. I do not understand EW at all so please forgive me if seem a little ignorant.

    Question:

    I trying to identify what I think may be a wave 5. If you have identified a situation where the suspected wave 5 is nearly equal in time to wave 1 but is not close to wave 1 in price (only about 26% of the wave 1 price) do I still have a candidate for the end of wave 5.

    In other words, is there an absolute rule for such a thing? Can I use the equality of time instead of price between wave 1 and wave 5 as a guide? Wave 1 was an unusually large wave that happened many years ago.

    Thanks to anyone who can offer me some guidance on this.

    richard
     
  2. sumosam

    sumosam

    check out: elliottwave international...they have free education. I am by no means an expert of EW, but it sounds as though you are way off.
     
  3. I just found this quote. I can not verify its accuracy though.

    Time is more important than price; when time is up price will reverse.
    W.D.Gann
     
  4. post the chart
     
  5. wave 5 is identified only after you think that wave 4 is complete. Only in reviewing the chart can you see the prior waves 1, 2, 3, and 4. Time is not a factor that I have ever heard of.
     
  6. sumosam

    sumosam

    Gann stated that price and time were the same, but that ultimately time was more important. Sounds circular, I know. EW uses time, but only to a small extent. Two good books: The Wave Principle, Pretcher and Frost. Smarter Starter Pack, D. Bowden.
     
  7. Thanks, I guess there is no real answer to the question. If there was we would all be philanthropists. I appreciate everyone's help.