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New rules, but what about old rules?
01-22-2010, 10:51 PM
Post: #1
New rules, but what about old rules?
Hi, There, I read your E-book with great interest and more than a little skepticism, therefore I was almost annoyed when your method appeared to work perfectly the first two times I used it. But then I thought again, the areas of EWT which I knew there were problems with were extensions, truncations and wave 1-4 overlaps and your method on the face of it sidesteps these.

Can you confirm whether it is ok not just for a wave 4 to overlap the top of wave 1 (in a rising market) but also for wave 4 to test lower than the bottom of wave 2 (again in a rising market)?

Also as you don't count extensions am I right in saying that as soon as wave 3 is retraced sufficiently to overlap the top of wave 1 then you start counting a,b,c of wave 4 from that point onwards?

Finally do you still retain the rule that wave 3 can't be the shortest of motive waves 1,3 or 5?

Thanks for your help

P.S Do you have any long term count worked out for the S&P?
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01-22-2010, 11:38 PM
Post: #2
RE: New rules, but what about old rules?
(01-22-2010 10:51 PM)Steely Dan Wrote:  Hi, There,
Heh! I love Steely Dan.

Quote:I read your E-book with great interest and more than a little skepticism, therefore I was almost annoyed when your method appeared to work perfectly the first two times I used it.
COOL! Of course it works, not because of anything I came up with but
because that is how THEY work. --- OH I'll be quoting you on that one.
Well said! Smile
Quote: But then I thought again, the areas of EWT which I knew there were problems with were extensions, truncations and wave 1-4 overlaps and your method on the face of it sidesteps these.

Can you confirm whether it is ok not just for a wave 4 to overlap the top of wave 1 (in a rising market) but also for wave 4 to test lower than the bottom of wave 2 (again in a rising market)?
Yes I can confirm that wave 4 sometimes can and sometimes WILL
overlap wave 3 and down to no further than start of wave 1 which of
course includes all of wave 2. Of course it doesn't have to.

This applies to both types of 4th wave, RTB and non-RTB.

It also does not matter if the market is rising or not.
Quote:Also as you don't count extensions am I right in saying that as soon as wave 3 is retraced sufficiently to overlap the top of wave 1 then you start counting a,b,c of wave 4 from that point onwards?
Well there is definitely still the nasty little thing called a 'correction' and
if you don't count wave A out, then by the time you are into C you will
likely get fooled twice rather than once. Wink

So what I do is count rather than get suckered by my tendency to want
to just draw a line. Well almost always.

The thing to remember is to include the RTB in wave c of 4 of A and
wave 5 of A so you start your C at the right spot.
Quote:Finally do you still retain the rule that wave 3 can't be the shortest of motive waves 1,3 or 5?
Yes absolutely. 3 is never shortest.
Quote:Thanks for your help

P.S Do you have any long term count worked out for the S&P?

You are welcome. We are working on it.

(PS. Remember I am just getting back into counting for this project and
I have another trader community as well but I did find something on
GBP/USD which was determinate on the weekly so we can get something
on the woefully scant history in Forex).

There is another thread with a pic which discusses this here:
http://newelliottwaverule.org/forums/thr...html#pid79

Smile

TS Hennessy
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