OK, how about some neo wave stuff? Here's a COMP monthly chart:
stockcharts.com[h,a]maclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G
Look at the fast stochs and notice how they tend to show waves.
I don't know waves, but off the Sept. top it's either 3-waves down to the Dec. low and an X or a 5-wave move. You'd know better than I.
The move up off the April 2001 low was a 3-wave move on the fast stochs, and we saw A=C on that one.
The move off the Dec. 2002 highs was either an X then 3-waves down or the start of a 5-wave move off those highs. You know better than I. That move terminated in October.
From October we've got a 3-wave move, with the move up from the December or Jan, or Feb. lows the last wave. That's where the price level of 1253 COMP comes in handy.
Either way, this supports some kind of C-wave in progress.
Whether it would be .50, .618 of A or 100% of A I'll leave the market to decide. |
