I am starting a new thread for 2012's 2nd half year, including EUR, SP, Gold, and JPY. My previous wave counts can be found from: http://www.elitetrader.com/vb/showthread.php?s=&threadid=233839 Elliott Wave reference can be found from: http://en.wikipedia.org/wiki/Elliott_wave_principle My labeling for wave degrees in different time frames: Monthly - [[]], [[[II]]], [[[III]]], [[[IV]]], [[[V]]], [[[A]]], [[]], [[[C]]] Monthly - [], [[II]], [[III]], [[IV]], [[V]], [[A]], [], [[C]] Weekly - , [II], [III], [IV], [V], [A], , [C] Weekly - I, II, III, IV, V, A, B, C Daily - 1, 2, 3, 4, 5, a, b, c Daily - _1, _2, _3, _4, _5, _a, _b, _c Hourly - __1, __2, __3, __4, __5, __a, __b, __c My labeling for wave formation in a segment = Wave Name + Wave Formation For example, [A]3 = 3 segments in a wave [A] For example, [A]3-3-[C]5 = 3-3-5 formation for waves [A][C] My labeling for zigzag is the combination of R.N. Elliott's classical labeling and my wave formation labeling. DO NOT USE R.P.'s W-X-Y(-X-Z) labeling because it creates confusion and lacks the flexibility of changing wave counts.
This one interested me as I trade the S&P. Why do you have two possibilities on there? I'm not familiar with EW, is it like an either/or thing? Will we know as soon as one of those possibilities begins which one it will be? In other words, will we know by mid July whether it will go up to 1,440 or down to 1,305?
1a2b3cppp - Thanks for commenting! The movement has "two possibilities because one is a preferred wave count (the purple line) and the other one is an alternative count (the grey line). There are infinitely many possible wave counts, but I only draw two possible counts based on my guess.
So once the next node is reached will you know which movement is happening and place your entries accordingly? In other words, say price follows the grey path and does this: Will you then go long until 1,340, short until 1,305, long until 1,360, and then short again? Or, say price follows the purple path like this: Will you then recognize that that path is correct and short until 1,362 or so and then maybe go long until 1,440?
1a2b3cppp - I will follow my guess and bug into dips when it reaches the first node (purple line). I will continue buying if unfortunately the market goes deeper to the grey line's first node. If that bad situation happens, I will try to unload when the market bounces back to the second node of the grey line. Thanks.