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3rd wave refererence for counting
09-21-2010, 06:25 AM
Post: #1
3rd wave refererence for counting
Hello Tom and everyone,

Being quite new to elliott waves I have been relying on other more experienced peoples counts to evaluate trade opportunities. Now I think it's in my grasp to do this myself, well I will have to because no one out their is incorporating NEWR. YET.
So I'm plodding through from monthly charts down establishing counts and procedures for counting.

Please check this out
If I take a horizontal line from the extreme of the 3rd of a 5th or C wave then the next price action to penetrate it will be EITHER the A or C component of the 4th wave's B wave.
Is this correct? also will it normally be the a or c component?

If so then I can go down confirming as per manual.

If I'm on the right hand edge I can pinpoint the the 3rd wave extreme by looking at it's 5th wave going to it's 3rd wave drawing a horizontal line and repeating as above.

Infact I can identify 5th or C waves by going through this for each suspected 3rd wave peak/trough. When I get a result then I know my line is on a 3rd wave extreme of a 5th or a C.

Hey I could even just go through all the peaks/troughs of any wave looking for a result to get locked in. Then start confirming up and down.


Hope this works
Peternz
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09-21-2010, 10:05 AM
Post: #2
RE: 3rd wave refererence for counting
Hi,
"If I take a horizontal line from the extreme of the 3rd of a 5th or C wave then the next price action to penetrate it will be EITHER the A or C component of the 4th wave's B wave.
Is this correct? also will it normally be the a or c component?"

If I thought I was at the "extreme of the 3rd of a 5th or C wave " I'd really pay attention to the next countertrend move i.e. the A of the 4th. If it's not a solid five, without truncation then you aren't where you thought you were.

Having checked that, somewhere in the various threads is an answer to your next question. The RTB has three subwaves, I think of them as abc. The a might be the retrending one but the c must do it. If the a does it then the c cannot fail compared to the a (I cannot remember if it is even allowed only to truncate - HELP!). There is no way of knowing which case will apply, the waves will decide - there are no valid %s available.

One of the benefits of the a doing it, is that it tends to make it that bit longer, so you can get inside it and confirm it's a valid completed a.

What you are proposing is similar to an idea I used. Mine was to "nail" a big countertrend move, i.e. decide if it's a complete 2nd (five-three-five), a 4A (five, non-truncating) or a 4C (contains its own RTB because it's a "C type" ) and then see if the rest fitted in logically.

It's what I think of the "jigsaw approach", fix a key piece and the add the adjoining ones, and the then next ones etc until you either get a mismatch and you know you are wrong or a completed big picture. The problem can be the picture you get doesn't match the one on the box.......

Taking an extended break now from trading, so don't be offended if I don't back to any queries. Hopefully someone else will correct any mistakes I've made and add their expertise.

cheers theory
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09-21-2010, 02:27 PM
Post: #3
RE: 3rd wave refererence for counting
(09-21-2010 10:05 AM)theoryman Wrote:  Hi,
"If I take a horizontal line from the extreme of the 3rd of a 5th or C wave then the next price action to penetrate it will be EITHER the A or C component of the 4th wave's B wave.
Is this correct? also will it normally be the a or c component?"

If I thought I was at the "extreme of the 3rd of a 5th or C wave " I'd really pay attention to the next countertrend move i.e. the A of the 4th. If it's not a solid five, without truncation then you aren't where you thought you were.

Having checked that, somewhere in the various threads is an answer to your next question. The RTB has three subwaves, I think of them as abc. The a might be the retrending one but the c must do it. If the a does it then the c cannot fail compared to the a (I cannot remember if it is even allowed only to truncate - HELP!). There is no way of knowing which case will apply, the waves will decide - there are no valid %s available.

One of the benefits of the a doing it, is that it tends to make it that bit longer, so you can get inside it and confirm it's a valid completed a.

What you are proposing is similar to an idea I used. Mine was to "nail" a big countertrend move, i.e. decide if it's a complete 2nd (five-three-five), a 4A (five, non-truncating) or a 4C (contains its own RTB because it's a "C type" ) and then see if the rest fitted in logically.

It's what I think of the "jigsaw approach", fix a key piece and the add the adjoining ones, and the then next ones etc until you either get a mismatch and you know you are wrong or a completed big picture. The problem can be the picture you get doesn't match the one on the box.......

Taking an extended break now from trading, so don't be offended if I don't back to any queries. Hopefully someone else will correct any mistakes I've made and add their expertise.

cheers theory

Thanks Theoryman I will add that process to my quiver, enjoy your break.

Peternz
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