Kirk's Market Thoughts Message Board

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Non-Tech : Kirk's Market Thoughts

COHR 185.83

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Dec 19 9:30 AM EST

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CrashDavis

sixty2nds

To: sandeep who wrote (22508)	1/19/2025 12:24:55 PM
From: #Breeze	2 Recommendations Read Replies (1) of 26807

Many have attempted to automate the EW labeling of a price pattern over a long duration and have failed. It's the corrections (pullbacks) price patterns that have alluded them. If you don't label them correctly the labeling thereafter is not valid. If you've noticed when a wave two or wave four turns complex I've had to relabel a pullback along the way. There are over 7 EW price patterns (and variations thereof) for pullbacks. That's why I use the Fibonacci retracements as guideposts. In the case of BABA its Wave (ii) should have ended with a 61.8% retracement, In very bullish runs a 50% or even a 38.2% retracement ends it. BABA appears to have ended its Wave (ii) at around a 76.4% retracement. The Trading View tools allow me to rapidly adjust my wave count. StockCharts is not a platform for EW.

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