FITB (Fifth Third Bancorp) Message Board

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Non-Tech : FITB (Fifth Third Bancorp)

FITB 41.62

-0.8%

Oct 31 9:30 AM EST

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To: Ron Kory who wrote (49)	8/16/1997 10:24:00 AM
From: Ross	of 68

Ron: Hey your a pretty good elliotician!! And I agree, the mini 5 wave move is 'possibly' Elliot Wave 1.. Here is some more work on the PTEK chart. I have used the same URL so you "must" refresh your screen.. You should see three charts, one atop another. teleport.com (to others this chart will probably disappear in a few days.. Sorry for the inconvenience.) A very interesting retracement is the move from 5/8/98 to 7/24/98. This was a .62 retracement. And the great majority of Elliot Wave One's retrace just exactly this. So this would suggest your scenario to be accurate. That, we are now in EW3, the most powerful move. On the bottom chart I have shown a projection around $40.00.. Another point you made is that EW3 should not be shorter than EW1.. I almost ignore EW1 for projecting Fib. extensions.. The relationship of EW3 to EW5 is more accurate (for me.) and your right about it not usually being shorter... I trade very short term and I find that EW patterns show up in almost all moves (hourly, daily, weekly) I may have suggested this to you Before.. Boy, was Fridays move in the DOW fun!! Monday will be exciting! Ross

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