CFZ E-Wiggle Workspace Message Board

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Strategies & Market Trends : CFZ E-Wiggle Workspace

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To: rayrohn who wrote (8569)	9/12/2008 10:50:59 PM
From: skinowski	Read Replies (2) of 41420

I am having a hard time put the 2008 price action in any kind of a e-wave pattern QQQQ: Let's start by breaking up the task into parts. First - let's review the stretch from October 2007 down to the March 2008 low. I think it is a five wave impulse. As a less likely alternative, it may prove to be an ABC down, with "B" ending in Dec 2007. The rally from last March till June - hard to tell. I think it was corrective, but (less likely) it could be hiding an impulse. If and when this current decline prints new lows, we will KNOW that the preceding rally was indeed corrective. The decline since May is a three-waver. Possibilities? It could be W1, W2 and 1 of 3 (of 3 or C). A bullish count that is still on the table is a big ABC-X-ABC down from October 2007 top ("X" being June high). I don't favor it, but it's possible. At this time I would begin considering larger bullish counts only if QQQQ breaks decisively above resistance near 46 - and maybe even 47. On the hourly it appears that the decline since 8/15 is missing at least one more swing down - the fifth. To me it looks that it is likely to happen.... but from time to time (actually, in fact, quite often) Mr. Market likes to surprise us Elliotticians... -g

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