In your ebook, you mentioned the requirement for counting several (between 4 and 6 depending on the complexity of the counts) 5ths in their respective degrees (of course each 5th and C Wave that has a RTB in its 4th Wave) before deciding there is a wave terminal just around the corner. Could you describe this in more detail? Also, I am wondering if there is a way to confirm that the market has indeed reversed past that terminal point?
(01-24-2010 10:50 PM)Raklian Wrote: [ -> ]In your ebook, you mentioned the requirement for counting several (between 4 and 6 depending on the complexity of the counts) 5ths in their respective degrees (of course each 5th and C Wave that has a RTB in its 4th Wave) before deciding there is a wave terminal just around the corner. Could you describe this in more detail? Also, I am wondering if there is a way to confirm that the market has indeed reversed past that terminal point?
This would be a question answered only by learning Elliott Wave in its entirety.
(01-24-2010 11:03 PM)TS Hennessy Wrote: [ -> ] (01-24-2010 10:50 PM)Raklian Wrote: [ -> ]In your ebook, you mentioned the requirement for counting several (between 4 and 6 depending on the complexity of the counts) 5ths in their respective degrees (of course each 5th and C Wave that has a RTB in its 4th Wave) before deciding there is a wave terminal just around the corner. Could you describe this in more detail? Also, I am wondering if there is a way to confirm that the market has indeed reversed past that terminal point?
This would be a question answered only by learning Elliott Wave in its entirety.
You mean you know the answer but I will find out eventually on my own with practice?
(01-25-2010 12:21 AM)Raklian Wrote: [ -> ] (01-24-2010 11:03 PM)TS Hennessy Wrote: [ -> ] (01-24-2010 10:50 PM)Raklian Wrote: [ -> ]In your ebook, you mentioned the requirement for counting several (between 4 and 6 depending on the complexity of the counts) 5ths in their respective degrees (of course each 5th and C Wave that has a RTB in its 4th Wave) before deciding there is a wave terminal just around the corner. Could you describe this in more detail? Also, I am wondering if there is a way to confirm that the market has indeed reversed past that terminal point?
This would be a question answered only by learning Elliott Wave in its entirety.
You mean you know the answer but I will find out eventually on my own with practice?
Well not really.
What I mean is that you must know the answer implicitly if you know the
analysis method we call Elliott Wave.
So this is a basics category and I had already stated that in offering
the NEWR that I would not cover that ground over again.
Unless I have misunderstood your question you have asked how to
count in Elliott Wave. If you were not asking "how" to count then
the answer is that you know by counting.
Sorry if I have missed something other than that.
If I may add a couple of lines. The Elliott wave rules are simple, especially so NewR, it is working out the implications of price action which is both powerful but sometimes subtle. I think the mindset of a physicist is helpful because they are dealing with abstract concepts and building on one conclusion to expand a theoretical model by adding other conclusions which can be arrived at depending on more data being available.
I'm reminded of a news item I read where astro physicists have discovered an Earth-like rocky planet 1.4 times the size of Earth orbiting a star which is hundreds of light years away.
Humans will probably never get to see this planet, but the interpretation of data using various measuring techniques have arrived at an answer which (thus far) fits the data. Sorry for rambling, but try to train your mind to ask what conclusions you can arrive at with every new wave and then given these conclusions hypothesize as to what future price movements may tell you and what specific levels 'confirm' these conclusions.
It is imho the areas proximate to these levels which provide the best trading opportunities, more often than not in the direction which is counter-intuitive for the price level in question.
Do you want to know the measuure to identify the turning point of a swing low?
To be honest, as far as I know, there is no magic indcator that can tell you definitely the termination of a swing. As far as I know, traders should master the main tools used by the mainstream power in the market. Of course, the RTB. method discovered by Mr. H.S. Hennesy is a very useful one amongst them. Wtih RTB. you can successful identify the 4th wave or wave C. Since failure seldom occurs, you can wait and buy below the low of the RTB low.In fact the RTB low is usually very close to the swing low. of course, there are other criterias which might help you to identfy the upcoming of the swing low. i.e. MACD diver:Pgence. volume divergence. FIbonacci price & time retracement, projection, expansion, extension, price channel, trendline, KDJ. RSI, etc.
Hopefully it might be of some value to you.
(05-29-2011 07:32 AM)taozemin Wrote: [ -> ]Do you want to know the measuure to identify the turning point of a swing low?
To be honest, as far as I know, there is no magic indcator that can tell you definitely the termination of a swing. As far as I know, traders should master the main tools used by the mainstream power in the market. Of course, the RTB. method discovered by Mr. H.S. Hennesy is a very useful one amongst them. Wtih RTB. you can successful identify the 4th wave or wave C. Since failure seldom occurs, you can wait and buy below the low of the RTB low.In fact the RTB low is usually very close to the swing low. of course, there are other criterias which might help you to identfy the upcoming of the swing low. i.e. MACD diver:Pgence. volume divergence. FIbonacci price & time retracement, projection, expansion, extension, price channel, trendline, KDJ. RSI, etc.
Hopefully it might be of some value to you.
taozemin,
Failure
never occurs in NEWR waves, so "seldom occurs" is IMO the wrong phrase to use.
I also totally disagree that "the RTB low is usually very close to the swing low". Sometimes it is and sometims it isn't! There is no way of knowing beforehand which one it will be.
After the C of 4 is over, the 5th has to at least reach the same level as the RTB. However, that 5th can then roll on and on until its ending pattern appears.
IMO, the only way to check that, is to count the 5th and watch the 1 2 3 4 RTB C4 5 subwaves unfold. Not forgetting that the final 5th subwave can then do the same etc....
There are no shortcuts in NEWR and there is no need to use any other indicators - even your favourite one.
I used to use RSI all the time but now I never use it. A single RSI value always was a useless piece of information in terms of finding a Pivot. Even +ve/-ve divergence with Price and swing point failures on RSI count for nothing in terms of finding a Pivot, if some part of the final 5th is still alive and kicking.
All you need to be able to use NEWR is the ability to count waves and that of course is where problems start.
cheers theory