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Strategies & Market Trends : Grain Futures Trading

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To: wiley murray who wrote (108)	11/12/1998 1:43:00 PM
From: nicewatch	Read Replies (1) of 645

Am I on to anything, or am I all wet? YES! <g> Wiley, in elliott terms, when one wave ends the other begins. Therefore, this wave 5 of one that we're in now began on the open of 11/4/98, which also marked the end of wave 4 of one. For review: wave 1 = 9/1 - 9/16 wave 2 = 9/16- 10/1 wave 3 = 10/1- 10/9 wave 4 = 10/9- 11/4 At this point in the wave structure, it is not simply a matter of one wave taking another out. Rather, we can compare the different up waves and down waves (in price and time) to see what similarities pop up. On the may bean chart, the minimum expectations for wave 5 of one have been met, as wave 5 = wave 1 in price. That does not mean the rally is over, just that we can begin to pick out key spots for termination of the wave. This in conjunction with some of the other stuff we've been looking at suggests a short term top. We'll see, the market has a way of fooling everyone at times. Talk to you later Frank

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