Scott,
That is what I am getting - that he misinterpreted the timing of this up-wave.
As for getting the window of about 7 days, my guess is that he may be using FIBINOCCHI numbers along with his wave analysis, or he can just be eyeballing it. However to eyeball it with that type of sharp timing - doubt it.
Scott, this wave analysis can get very subjective. All TA is subjective, but while researching the waves, it strongly appears that this type of technical analysis is one of the most subjective. Over and over I misinterpreted the waves. I guess it has to do with my inexperience in wave analysis.
One thing that I did notice is that he is also using, I believe, either 15 min or 30 min charts. When I pulled them up things became a bit clearer, but was not always giving the same conclusion to me as the daily charts. An heres the funny thing, after a while, I was getting all the waves confused when I was switching back and forth using the different time formats.
Simply put, from my perspective, wave analysis is one of the most complicated and subjective indicators. That is not to discount it at all, just to say it takes a much higher level of skill than to read/interpret most other indicators.
Have to compliment PLONK on his skills.
Seeya |
