I am learning this Elliot Wave stuff and I know just enough to be dangerous now <g>. >>>
-lol- even the elliot wave gurus know enuf to be dangerous -g-, i use it a lot, but in conjunction with a lot of other stuff, if you can get enough evidence lining up on your side and line up a good wave count, you can catch some trend changes early on and beat the crowd to the party.
here are some different looks at the elliot count IMBO
the IIX looks like five waves have completed at april lows with 1 down in may 00, 3 from 9/00 down to jan 01, 5 down to 4/4
stockcharts.com[m,a]dallyymy[de][pb50!b200][vc60][iUb14!Lm12]
The NWX topped in sept 00 and looks like it is now in wave 4 and needs a new low to complete five waves.
stockcharts.com[m,a]dallyymy[de][pb50!b200][vc60][iUb14!Lm12]
The comp looks like you could label the ABC countertrend 2 into july 00, then a five wave move into 4/4/01, the sox has this pattern also.
stockcharts.com[m,a]dallyymy[de][pb50!b200][vc60][iUb14!Lm12]
now is this move off the 4/4 lows an impulsive move or a countertrend rally, i can make the case that we have a 5 wave A into 4/19, and abc B into fed meeting and a five wave C into the star of that evening star a couple of weeks ago -making for a countertrend 3 wave rally - this may zig around more and become more complex.
because of the false breakout and the bulls not having enough strength to hold the new highs, we have another hint, also the momentum was strong going into the 4/4 lows, normally markets don't make V bottoms, but W bottoms, the 98 bottom was a W, with the mo low in september and the non-confirming right side of the W in October.
There are always other possible counts for the big picture, i use elliot more on shorter time frames, because the farther you go out the less chance your going to peg the count.
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