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Strategies & Market Trends : Classic TA Workplace
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To: ajtj99 who wrote (47164)7/24/2002 12:06:56 AM
From: AllansAlias  Read Replies (4) of 209892
 
*wiggles*
If you are looking at the same wiggle wedges, they are in non-tech only and they begin as of today's open. In other words, you ignore yesterday's intraday high. It is clearer in XMI than in the Dow (Dow has too much tech in it).

For others:
The wiggle wedge in question would be a terminal pattern -- an 'ending diagonal'. It is a down-sloping wedge that should count as 5 swings -- 3 down and 2 up.

The open today would be the 'i' (first of three down moves), then the 'ii' at around 12:15 today, then 'iii' is likely happening as of the close but is not done. This would leave the following setup for tomorrow morning:

'iii' finishes with a little gap down of very early weakness. It would have to be a minor low.

'iv' an early headfake rally

'v' a new minor low that gets everyone thinking we are caving

THEN KABOOM to the upside.

These are tricky to count 'cause they are wiggles. However, ending diagonals when they are real, which is not often, are a joy to trade. The up move is always powerful. Note: It's better to just watch the top line of the wedge, presuming it stays as a wedge, and just buy the breakout. Trying to count the wiggles is prone to error.

Shack -- Presuming it's an ED, do you agree that this is the most likely ED count.
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