Quote:
|
Originally Posted by golhuntsleep
4070 or so is where wave 5 will have equallity with wave 3....wave 1 is larger than wave 3 so, using elliot rules, that wave 3 cannot be the shortest.......
|
Hi Gol,
I am actually becoming more & more biased to the attached count & scienario below.
According to this, wave-1 start shifts to 2.618 phi of the Dec'04-Dec'05 correction. (Shown in Gold dash lines).
In this case Wave-1 becomes already equal to Wave-3, with a mere difference of 50pts.
Wave-5 should, (& will) extend to a fib multiple of 1-->3. But it will be so complex & grand that it will take the fall out of the current wedge to its designated target as one of its subwaves, in a complex unfolding extended 5-wave structure for wave-5.
I believe a prolongation of the current economic fundamentals will have a decisive role to play in this. As the market discounts global changes.
For the current mid term outlook, that more or less impacts our trading. I agree that 4050 will be gradually, even easily seen in the next rally.
I expect to see a lot of noise & damage between 4200/4300, to convince market speculators that the new highs & levels are here to stay.
The more the market keeps at this - the more trader physchology changes and accepts / becomes convinced of the new reality. That's when the plunge down comes, with lashes & spikes upwards to feed on the small fish - (usually us till now).
Lets hope we will all be BIG enough by then sailing tranculent calm waters.
Have a profitable trading week.