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Strategies & Market Trends : Technical Analysis With Charts

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From: MACD X	4/2/2006 2:10:26 PM
	of 6865

NOBODY SAID IT WOULD BE EASY, THE COUNTING stockcharts.com[w,a]wacayyay[d19910402,20060402][pb50!b200][vc60][iub14!la12,26,9][J73422708,Y]&listNum=31 the chart above is the bullish count for the drug sector and it has some holes in it. The new up move must be counted as I have it labeled and as you can see the first move up isnt an impulse but has more the view of a correction to me. Elliott wave counting is great but there are examples of rule violations all over the place. I place greater thoughts on trendline breaks and break outs of formations that I do what I think the count is. I do like to do the count from both side to see which one fits the best. The chart below is the bearish count and is counted better than the bullish count. stockcharts.com[w,a]wacayyay[d19920402,20060402][pb50!b200][vc60][iub14!la12,26,9][J72511520,Y]&listNum=24 The bearish count has a differnt out come that the bullish count by a long way. It also has holes in it with the pitch fork signaling a reversal has happened. Pitch forks from my experience have certain traits that they follow and using the areas marked on the chart with arrow is a normal occurrence. Either way I will be watching both counts as in time one will be obviously wrong. Until that happens I will stay with the shorter term chart triangle breakout moving average crossing and such. It is my observation that both the bullish and bearish side can been seen on almost anything you want to talk about on a stock chart. The deciesion on which to believe has to do with what your trading program is and what signals you use to enter. If you money management system is in place {stop loss} you take a small loss and go on to the next set up.

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