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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: mishedlo who wrote (119216)9/1/2001 5:16:29 PM
From: Shack  Read Replies (1) of 436258
 
Mish with all due respect, for trading purposes e-wave is not about 'getting the count right'. Its usefulness comes from its ability to identify low risk set-ups. Counts are really open to interpretation until after the fact. However, once you are really familiar with it, there are quick clues to determine if one is on the right path.

That being said, the first count is IMO a ridiculous bull count that has the Nasdaq heading to new highs (yes past 5000!). I think there are a few clues that might suggest that this is a VIRTUAL IMPOSSIBILITY! It is at the very bottom of my list of preferred counts but until the April low is violated, it remains at most, marginally valid. That guy gives e-wave a bad name BTW, he's been changing his count to suit his obvious clownish tendencies. Did you see the PM he sent Luc? A riot!

The second count (which is also my preferred for the DOW) has all the right pieces in place. We most certainly just had had a 5 wave impulsive down in the DOW and if the ensuing rally is corrective (and by e-wave guidelines, it certainly looks that way), then the next top will provide as good a short set-up as I have seen in the DOW since early June, and maybe since I started trading. I am not a permabear (although I am definitely bearish for the foreseeable future on the economy) and actually I see a multi-month bottom coming for the DOW/Nasdaq in a few weeks. But that chart is screaming lower to me short-term.

Mish, e-wave is not the holy grail, but it is certainly a useful tool in my trading arsenal.
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