Eugene. This is hard to explain, which is why Velo probably refrains, but I will try.
Look at the total rise on the SPX (I personally favor the INDU, but it does not matter, and for a moment forget about E-wave anything). Make the chart very large and Daily or less. Go back before the 98 rise. Look at the pattern that is constant, regardless of rises and falls. Let your eyes unfocus if need be. Relax your mind. A pattern will emerge. It is not the pattern of five-up/three-down. It is another pattern.
That is the pattern that Velo is talking about. Not size or direction: pure pattern.
Size and direction are other matters, altogether.
Pattern is one thing.
Waves are another.
As the waves move, the pattern moves along, too, but at a different rate. This creates the friction that results in the bumps we count. Like this:
amasci.com
I think many people observe this on their own, but few talk about it, because it is complex.
Enough.
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