Carlson,
It's time to open our Bibles, and draw from the great wisdom therein...
IMPULSE GUIDELINES FROM EWT
"Waves 1,2 and 4 cannot overlap except by 15% of Wave 2 with leveraged securities, and then only for a maximum of less than two days."
As you can see, Prechter has loosened up on being too anal about a small overlap. As long as it's very minor and very quick, he doesn't allow that to throw his count. SPX & Dow are the king of leveraged securities, with the myriad of options and futures contracts applied to each.
In yesterday's case, wouldn't you agree we stayed well within the parameters? Now put that glue mask back on, and let's resume this climb until Friday at 12 noon. <ggg>
Regards,
David
P.S. A 5th wave failure is something i'm keeping an eye out for, but i'll stay with the high percentage full move back to around 1190 Dec. S&P by friday noon. As long as we don't violate today's (Wednesday's)lows now, i'm on it. Swapped MSFT for CPQ this a.m.... how am i doing? ;o) |
