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Strategies & Market Trends : Waiting for the big Kahuna
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To: Gersh Avery who wrote (48166)8/3/2000 11:14:28 PM
From: Peace   of 94695
 
Thanks. Regarding all this hoopla about wave 3, I have some more thoughts. BTW, I am quiet an amateur with Elliott waves.

Everyone agrees that we put a top on 3/24 at NDX 4816. The correction that ensued in wave terms can either be a zigzag or flat ABC or a triangle ABCDE... (broadly speaking). Now most people agree that we put in some kind of bottom on 5/24 at NDX 2897. Some people label that as 1 others (including me) label it as A. From there we climbed up to 4089 on 7/17. Again some people label that as 2 others (including me) label that as B. Now people are looking for 3 or C as the next decline.

Here's where it gets confusing. If we indeed are in a zigzag ABC then I would target C to end around NDX 2200 making A and C equal in size (although they dont have to be).

But I am beginning to think that we will probably correct in a triangle ABCDE formation. If that turns out to be the case then we just completed ABC and began D. The interesting part is that if you count it this way so far B is 62% of A and C is 62% of B and using the same guidelines we can project D to end around 3800 and E to end around 3500. That would complete this correction.

Of course we can get extended variations etc... But I like this scenario so far.

I dont follow textbook guidelines of EW but rather loosely as the textbook versions are too constraining.

Hey I am just a EW novice so what do I know !
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