(05-28-2010 06:07 AM)ruby Wrote: [ -> ]Finster, thank you. That makes life so much easier. Viewing fat-finger-thursday as a third wave is interesting - it gives wave 4 more room to the upside without breaking the traditional rules.
Interestingly, Elliott Wave International just used this as their "top alternate" count in their short term update. Like me, they had fat fingered Thursday as a third wave. Only difference, is they had wave 4 finished already, because they didn't have an "RTB 4th". They have my "black b" at 1040 as the end of wave 1 rather than being an RTB 4th. So, they currently have us in wave 2, whereas I have us in "c" of the RTB 4th. Should be interesting to see how it plays out. Both views have us going down, but after we make a new low, they will have us in a 3rd wave, whereas we will expect a retracement wave 2 that could be deep.
In any event, the count is proceeding as planned. Updated 15 minute chart:
Thank you, finster. You're so polite - just ignoring that i wrote complete nonsense :-) Of course, wave (iv) is long over in your count. I'm getting more confused every day. I'm rediscovering good ol' bollinger band trading, gee!
Hi Ruby. Yes, you are correct, it is long for a wave 4. BUT, it is c of an RTB 4th, which Tom suggests usually need to "stick out" on the longer term charts, so it is expected. If you look at our "big picture" chart, this entire rise from March of 2009 to 1220 was the c of an RTB 4th. It too is very long in time to the other waves.
I'm still learning this, and, as with anything, we will learn more as we proceed. As of now, however, I think Tom discovered something very, very exciting. Time will tell if we can use it successfully or not.
Finster,
I've removed the links from your posts as it is not allowed
to have any links.
Don't worry about whether someone has to press a button
on a dialog box to view different formats. That's just the
way things are. Technology is wonderful isn't it?
BTW - .png is the most universally accessible image format
from what I've read. If you want to save as a .jpg you can
convert it with Irfanview program or many others after
saving it with Stockcharts.
O.k., your nick will be Fat-finger-Tom from now on :-)
(05-29-2010 05:36 PM)ruby Wrote: [ -> ]O.k., your nick will be Fat-finger-Tom from now on :-)
I've been called worse.
(but never to my face since I "aquired" the self-appointed rank of General)
(05-29-2010 08:08 AM)finster869 Wrote: [ -> ]If you look at our "big picture" chart, this entire rise from March of 2009 to 1220 was the c of an RTB 4th. It too is very long in time to the other waves.
Not only in time ... It's so long that you'd get laughed out of every traditional wave forum, if you suggested that it could be a 4 of C of an expanding flat. Seriously, isn't there a guideline saying that C cannot be more than 2.618 times the length of A? I remember reading that somewhere.
But anyways, I said your 4th wave is long over, not long - although it also is long.
HI Ruby. I hear what your saying about the 4th wave. But, as far as I understand, RTB 4ths often retrace deep and last for a long duration. You are correct the count would get laughed off of traditional Elliott Wave forums, but this New Elliot Wave Rule gives us different looking counts because we don't have extensions, etc. in corrections.
As far as I can tell, the look of my count is quite customary for an RTB 4th. Also, I am big believer that a smaller fractal makes up a bigger fractal. Please compare the current wave (my green wave (iv)) on a 60 minute chart with our big picture wave from the weekly chart. See any similarities in the entire fractal structure?
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(05-31-2010 08:49 AM)finster869 Wrote: [ -> ]Also, I am big believer that a smaller fractal makes up a bigger fractal. Please compare the current wave (my green wave (iv)) on a 60 minute chart with our big picture wave from the weekly chart. See any similarities in the entire fractal structure?
Oh, yes, I see the similarity. I'm prepared for a fractal "triple zigzag" up. Luckily, I won't have to watch it, because I'm in the process of moving and my DSL will only work for another week. I'm only holding conservative short ETFs for now, some December 10500 Dow puts and VIX longs. Sold the Euro/USD shorts that I bought in October last week.