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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: bcrafty who wrote (161771)	2/9/2008 8:21:13 PM
From: Henry J Costanzo	Read Replies (1) \| Respond to of 209892

Hi, BC...hope you've been well...and busy...Good to see you.. While there is something questioning the use of opening prices in EW, the use of intraday price movements is recommended...and I can find no reference to closing prices...EW analyzes the price movement, and intraday moves are an essential, and sometimes critical, part of the price movement (notwithstanding jibes at wiggles...LOL). Thus, I believe there was indeed the overlap shown on my chart, ruling out any possibility that the Oct-Nov decline could have been an impulsive 1 down.. I see no way that the move from the Oct low to the Nov low could be labeled a diagonal triangle as you suggest...The latter has to be a 5 or a C...and the count in this case would have to start from the Oct high..I don't see how either a 5 or a C wave could have started from the Oct high..I have labeled the Oct high as an X...in a double zigzag....and there are only 2 minor C waves in the move from the Oct high to the Jan low...the Nov down move...which contains an ED...and the Dec-Jan down move ..which is a 5-waver C .. All of the above is partly why I have stubbornly resisted the idea that the decline from Oct to Jan is an impulsive move..Looks corrective to me...LOL