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Here is what I think the spx will get to around June 2 06 1139.01
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Henry,
Thanks for your reply. What is your number for S&P based on?
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Rank: Advanced Member
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Rank: Member
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Hi One_waver,
even if you are right and we are in a fifth wave of something and this fifth wave is a diagonal triangle your wave wave-count in this fifth wave is wrong. Waves 1, 3 and 5 in a fifth wave are impulsive (this is also true for diagonal triangles) and should consist of five waves. As you count this formation, every wave, even 1,3 and 5 has a corrective character and this is wrong, they have no A,B,C.
regards Lennetkann
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Hi, Lennetkann,
Thanks for your reply, and here is the definition from Elliott Wave International that specificaly indicate three waves patern in ED. I must insist, my structure is correct!
"Ending Diagonal
An ending diagonal is a special type of wave that occurs primarily in the fifth wave position at times when the preceding move has gone "too far too fast," as Elliott put it. A very small percentage of ending diagonals appear in the C wave position of A-B- C formations. In double or triple threes (see next section), they appear only as the final "C" wave. In all cases, they are found at the termination points of larger patterns, indicating exhaustion of the larger movement.
Ending diagonals take a wedge shape within two converging lines, with each subwave, including waves 1, 3 and 5, subdividing into a "three," which is otherwise a corrective wave phenomenon. The ending diagonal is illustrated in Figures 8 and 9 and shown in its typical position in larger impulse waves. "
http://www.elliottwave.n.../basictenets/basics2.htm
Regards,
Jeff
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Hi Jeff,
i have to admit you are right. You are referring to a diagonal triangle typ 1 with a 3-3-3-3-3-3 structure. My fault.
best regards
Lennetkann
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Complimentary Issue of Elliott Wave International Short Term Update for Friday, 1/20/06 provedes bearish wave count on [color=red:649790e5c8]SPX[/color], Dow, Gold, US dollar. According to them top is in place already!
You have to register with them to see it.
www.elliottwave.com/wave/freeSTU
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hey one waver.... so that might mean now's the oppertune time to place our bets on henry's 1139 6/06.... mine are already in place... time will tell.....h
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TASC has an interesting article this month looking at the future of gold and the USD.
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Rank: Member
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Hi hayseed,
And what is your bet?
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hey one waver..... something around 104 and 120 in two bounces..... oex looks like 550.... with the 200 ma's so close and the macd in negative divergence trouble a 3 to 6 % correction does not seem out of line..... should point out, huge losses are common for me..... h
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