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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: bobby beara who wrote (77848)	6/3/2001 11:52:47 PM
From: Zeev Hed	Respond to of 99985

Bobby, I use waves a little as well, but I don't call them "Elliot waves, since they are not, often (statistically) a given main move will come in three waves (and two intermediate counter waves, thus the 5 waves in the Eliot model). Resistance and support are often attacked three times before penetrated (on the upside or downward). That happens both with stocks and indices. Both in an intermediate term and very short term interval as well. Hey, the the big 1966/82 "stale" market had three major down waves as well, except that some magic hand added the 1982 decline just for good measure (g). Zeev

To: bobby beara who wrote (77848)	6/4/2001 2:24:19 AM
From: ru2	Read Replies (1) \| Respond to of 99985

I've read about about Elliot wave theory on the Web. Many of the books on the subject seem pricey. I often find I learn more from listening to good traders talk about a real trades than I do from reading books. Alan Farley's book is a big exception to that. Are there any Elliot wave theory books that you think stand out from the rest? I'm taking a break from day trading and am thinking that E wave can help my position trades. I could never make much E wave sense out of the two and three minute charts. Glad to hear that the 15 minute chart works. On the daily chart of the Naz would you say that the April low was the begging of wave 1 and we just completed wave 5 and correction wave A? Does E wave theory give clues about which fib levels will act as support and resistance? Ru2