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Strategies & Market Trends : Classic TA Workplace

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To: Moominoid who wrote (36599)	4/21/2002 6:31:28 PM
From: Berney	Read Replies (2) of 209892

David, Thanks for the Chart! A friend recently bought me Elliott Wave Principle. I'd like to ask a newbie question. Since triangle patterns always have 5 waves of 3, do you feel the pattern has been completed? It just looks to me like there is one missing. Having spent a lot of time drawing trend lines over the years, I would suggest that you may want to consider using the lower points marked 4, A and B on your chart as the lower trend line. This would just consider 9/01 an overthrow. If you move this to a monthly chart, you will see that when that line is moved up to the top of 1/00 the scope of this 2.5 yr channel emerges. You will also note that, in a rare occurrence, we are on top of it. I would also appreciate some discussion from the board as to whether 9/98 could have been the bottom of wave 4 up. The reason I ask is that, as I understand the issue, a corrective action should stay within the bounds of wave 4. I would also note that some time next year, the down trend line that I suggested above will intersect this 7400 area on the DJIA. Again, thanks to all on this thread for sharing. I've learned much. Berney

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