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Strategies & Market Trends : Classic TA Workplace
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To: NOW who wrote (64029)1/20/2003 4:34:38 PM
From: skinowski  Read Replies (1) of 209892
 
I find this Neo-Wave stuff intriguing. Half decided to buy Neely's book. Not immediately - too busy now - but I will.

From the text of Zoran's post:

The fifth swing completed almost exactly where [T5] = 0.618 [T3]. This starts the down move.

The down move has two of requirements for it to be an effective break. The first is that high momentum breakaway move is required. If the move turns back on itself and rises above “D” of the 5- point reversal then it is most likely not the breaking move and either there is more to the topping 5- point reversal or something else is at play. The second is that [T4] needs to be taken out in less time than [T5] took to form.

Once [T4] is taken, it will also complete a HEAD & SHOULDERS topping pattern.

The market action after TERMINAL IMPULSE completion must retrace the entire TERMINAL pattern in 50% or less of the time that the TERMINAL took to form. Usually, all that is required is 25%, give take a few percentage points. A TERMINAL pattern always completes a larger formation and the high or low in the TERMINAL creates should hold for approximately twice the period or more that was covered by the TERMINAL. If the terminal is the fifth wave of impulse move pattern, usually the larger IMPULSE will also be completely retraced. (See G Neely Mastering Elliott Wave page 10- 10)
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