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Pots of gold at the end of rainbows
01-28-2011, 11:44 PM
Post: #1
Pots of gold at the end of rainbows
Well this time the pivot is in!? Though I thought it was with the correction starting on 18th Jan. It was only the subsequent action which made me change my stance, indeed the market rallied off the 20th Jan low in a 3 wave form and turned lower briefly, but there was no follow through lower. This time I'll adopt a similar strategy of covering when I see an rtb-4 of the 5th sub-wave down.

Previous to new-r one of the things I would have looked at would be the size of correction relative to previous corrections - interestingly enough they are currently almost exactly the same, so there would be no confirmation yet that this correction is a greater degree than the last.

Before I ramble on let's get to the point. I had counted a top on 18th Jan, and only subsequently did I have to revise the count. Now I have the same situation - before I revisit the long term count I must hold my hands up and say I don't have high confidence in the degree of pivot counted. This may seem a minor quibble, after all I'm now able to make money on the S&P whilst asleep where previously it was difficult to do so while awake (my wife is also grateful of this fact), however when I first read the NewR document it was the tracking down of the major pivot which I perceived was it's raison-d'etre, instead it has turned out personally to be a trend following tool giving great rewards for limited risk.

My question is this: Am I merely going through the growing pains of learning how to count properly and only by doing so will I be more sure of the degree of pivot, or is this just the pot of gold at the end of the rainbow and if so should I just be happy to travel profitably?

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Pots of gold at the end of rainbows - Steely Dan - 01-28-2011 11:44 PM

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