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Strategies & Market Trends : TA- Advanced GET
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To: Allan Harris who wrote (1470)11/14/1999 12:01:00 PM
From: Lenny Rosow  Read Replies (1) of 1551
 
Allan - Took a look at GBLX this morning & here is what I see:

1) With the Original Wave default the Elliott Oscillator has retraced way past 40% of the Wave 3 peak & price has passed through all 3 of the Wave 4 channels. When this happens TJ suggests switching over to the Alternate 1 (Agressive) Wave count. Once you do this GET agrees with your Localized count.

2) Draw a horizontal line @ 39.50. This is a VERY important price to bust through for 3 reasons. One, this price point was a very significant support line in the past so it should provide some tough resistance as the price is approaching it from below. Second, If you throw up an Ellipse from the prior 2 Primary pivots dated 05/13 & 09/07 you will see that the Short Term Ellipse paused the first run up from 09/07 and GLBX has been in a trading range since. The Normal Ellipse is now approaching price and looks to me that 39.50 could be the meeting point. Should price get a close above the Normal Ellipse then it's onward and upward she goes. Third, one of the 3 cardinal Elliott Wave rules is that Wave 4 should not overlap Wave 1. I tend to use the close vs. any encroachment. Wave 1's low from the Original count was 39.50. So any close above 39.50 will make this current move Impulsive and in fact GET's Original count will change if this happens.

3) As you stated before from the GET manual 90% of the time Wave 4 will retrace up to 61.8% of Wave 3. Only 10% of the time will Wave 4's retrace further. From the Original count, Wave 2's peak on 07/19 was 50.00 and Wave 3's low on 09/07 was 20.25 for a difference of 29.75. 29.75 x .618 = 18.38 added on to the 09/07 low of 20.25 = 38.63. Hmmmmm, notice Fridays high and close! So a close above 38.63 gives only a 10% chance that GBLX is still in a Wave 4.

4) Provided GBLX breaks through the above stated barriers my price projections are in agreement with yours. The MOB drawn from the 07/19 high encompasses 54.50 - 57.25.

Next few days will tell a lot on this one - Lenny
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