to finish this entire rally sequence up from the Summer low. Wave 1 = 68 points in the SPX Now that we have recently concluded an A-B-C Wave 4 with the low coming in at 1377.83 last week ( and the "B" wave having made a new high ), one can simply add 68 points to that low of the C-leg in Wave 4 at 1377.83 in order to obtain the ultimate SPX objective of: 1445 A more conservative objective would suggest that Wave 5 does not share "equality" with Wave 1, and thus is a fibonnaci of Wave 1. For example, .618 of 68 = 42.02 points 1377.83 + 42.02 = 1419.85 Either way, the wave structure is so "mature" at this point and time that it does not allow for any variability, or subdivision as is usually the case in "complex" Wave 3's. As a result, we are coming to the end of this awesome rally, with concrete targets having been generated for the S&P. Good Luck to All
It's one of those things that looks good after the fact, it sounds sexy for sure, kinda like astro/gann trading. Hell it would be nice to know where the market if going, I would be so much more productive running errands, work out at the gym with parked limit orders.
Think what you want, but if used practically it can provide the best risk reward trades known to the market. Its just something to add to your toolbox, I make a living off it everyday. There is a difference between trying to make elliot out of everything vs the obvious. If you dont believe me, read the my oil bottom thread. The main component was an ewave pattern, and it called the low tick before the fact. I hope you keep thinking its pointless and stupid, that way it will continue to work.
I just want to know one thing. Seems to me some Elliot wave analyst is forever posting the final upside tick for some indices or anotheron this site or another. Then a day or two or week or so goes by and whammo,some brilliant anal yst of the theory revamps the previous final tick number. Kind of reminds me of the gummermints adjustments for all their economic data from the previous month in an attempt to make the puzzle pieces fit. What I want to know is...Is Elliot wave a gummermint institution as imho they operate the same way. Revamping up or down but never sticking to the original projections but always trying to make the shoe fit the foot with the biggest corns?
Agreed 100% And I couldn't careless if there are some posters here that don't realize that it is one tool of several tools in a technician's "tool-box".
Yes, you are correct. Wave 1 = 1219.29 to 1280.38 Add 61.09 to the 11/28 low of 1378.09 for Wave 5 objective should Wave 5 = Wave 1 1439.18 And, a 61.8% ratio of Wave 1 would give a Wave 5 objective of: 1415.84
i used to follow e-wave, i think it was steve horshberg or something like that he would have charts, ahowing where we were, then have projections know how often he was right? well, never?