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Strategies & Market Trends : Longer-Term Market Trends -- Ignore unavailable to you. Want to Upgrade?

To: AllansAlias who wrote (10)3/22/2008 7:26:58 AM
From: skinowski  Respond to of 3209
 
This brings out an interesting point -- in a three-waver, the final point may not exceed the intermediate low (high), like in our W2 under discussion. The ED is an impulsive wave, and the pullbacks are in essence corrections. That's why I think it's acceptable to start the lower line where I did.

If one looks at the long term chart of JNJ, esp. log, this wedging formation fits in perfectly as an ED... which, imo, may increase the odds that this interpretation is correct.


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