Silicon Investor (SI) -- The First Internet Community

discover

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: RWS who wrote (17645)	4/30/1998 12:31:00 AM
From: ratan lal	Respond to of 94695

RWS & David Could you do me a favor. Since I am still learning (trying to figure out) EW please indicate whether the waves are UP or DOWN. Example : Do you think wave C of 2 is over today? Is that C up of 2 down ?? Thanks ratan

To: RWS who wrote (17645)	4/30/1998 12:44:00 AM
From: Bull RidaH	Read Replies (1) \| Respond to of 94695

RWS, Wave 3's end on March 20th was based on the count I had running from the start of the wave 3 rally (Jan.12th). I maintain the count running all the way down to the Subminuette degree, which of course requires a 2 minute chart or finer to see. Within that count, 5 degrees of waves were all projected to end at 1112 on the June S&P, or around 1100 on the SPX cash. I will elaborate on these counts in private if you'd like to crosscheck them with your on (just lemme know). The toughest part of buying this new read was labeling the ABC Wave 4 correction between 3/20 & 3/27. But working with 5 minute charts, it can certainly be done (I'll elaborate on this count too if you request). As for today's action, I credit you with another score again as you said yesterday, "we may not even be done with wave 1 down yet". The market hanging up today invalidated the small degree count I was working on for the day, and I hedged my short positions by going long a few S&P's when 1099 didn't contain the rally for a quick few points profit. I went back and reevaluated Wave 1 down of C, and realize that it had not in fact ended when you posted that warning. But it did end shortly after your post, and can be pinpointed I think with a goood deal of certainty, and I'll share my reasons why. Starting from last Wednesday's peak, where Wave 1 of C began, I believe Wave 1 began at 2:26pm @ 1140 on June S&P. Now for the 5 subwaves of 1, I have wave 1 ending at 10:20am on Thursday 4/23 @ 1129.3, wave 2 ending at 11:54am 4/23 @ 1134.90. Wave 3 was an extended wave, so that gave it its own 5 wave composition. Wave 1 of 3 of 1 ended at 9:32am Friday 4/24 @ 1124.10. Wave 2 of 3 of 1 ended at 10:36am 4/24 @ 1129.4. Wave 3 of 3 of 1 ended at 10:26am Monday 4/27 @ 1087.8. Wave 4 of 3 of 1 ended at 11:44am 4/27 @ 1094. And Wave 5 of 3 of 1 ended at 1:46pm 4/27 @ 1082. Notice how 1 & 5 of 3 were nearly identical in size. Then Wave 4 of 1 ended at 12:10 pm Tuesday 4/27 @ 1098.30. And Wave 5 of 1 ended at 3:04pm 4/27 @ 1086.70. Notice how 1 & 5 of 1 were almost identical in size. From there A of 2 began. Now for the 5 subwaves of A. 1 of A ended at 9:46am Wednesday 4/28 @ 1097. 2 of A ended at 10:26am 4/28 @ 1089.30. 3 of A ended at 12:00 noon (making my prior read look good for an hour or two..hehehe)4/28 @ 1097.80. 4 of A was complex, and ended at 1:46pm 4/28 @ 1095.50. Then 5 of A ended at 3:26pm 4/28 @ 1103.8, ending in a significant wedge top formation, the breaking and activation of which led to the typical vertical drop going into the close. So I believe we are now in b down of 2, and still in the "a" part of b. I will hold all my shorts into what I believe is the end of b of 2 tomorrow, and with the big ECI number in the morning, God only knows how high/low the market will be when it ends. Note this read has A of 2 lasting from 3:04 Tuesday til 3:26 Wednesday. After B of 2 ends, I would expect C to rally for the same duration before we start the Big 3 of C Drop (that's drop with a capital D). So it's now looking like the next big short entry point for the start of 3 of C down won't be til sometime Friday. I'll look forward to your thoughts on this read. I have a feeling it may dovetail better with your original gut feeling of the consolidation of the first big wave down taken more than just a day or two. Regards, David

Copyright/IP Policy

Advertise on SI

© 2025 Knight Sac Media. Data provided by Twelve Data, Alpha Vantage, and CityFALCON News