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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives
SPY 681.89+0.3%Oct 31 5:00 PM EST
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To: GROUND ZERO™ who wrote (171872)4/20/2022 11:04:03 AM
From: POKERSAM2 Recommendations

Recommended By
GROUND ZERO™
kimberley

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Nothing has changed because of yesterday. Yesterday was a wave c of wave ii flat. Wave c of an abc flat can reach extremes and that is what this one did. It fell short of doing any real damage to the count or expectations for the future.
Yesterday was a long final wave c of a small degree abc flat correction up and that is all it was.
If you caught some of it and made some money on it that is great. The thing you do not want to do is think there has been some kind of trend change because there has not. This was a small degree wave two and in a bear market and I call twos the "bull's sigh of relief wave". They all get lathered up and announce the correction is over. Sadly enough for them a wave two up is followed by a wave three down. Wave threes are usually the longest and most dramatic waves in a five wave impulse.
This advance would have to continue and surpass 4521.16 before my wave count would have to be altered.
The great thing about Elliott Wave is that IF you are wrong in your count the rules will show you and force you to correct your error. Rules cannot be broken. Guidelines are usually correct and the are the most common occurrence.
It is a rule that wave two cannot retrace 100% or more of wave one. In my wave count that will not happen until 4521.16. At that point I will be forced by the rule to find where my count went wrong, whether due to my error or lack of adequate evidence, and correct it.
If you have never studied Eliott Wave this probably makes little sense. I apologize for the shop talk but I know of no other way to explain it.
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