Short Term Trading Member Forum

[techcharter]

Orthodox tops.

It comes as a surprise to many that an elliott wave may end sooner than the date the price trend ends. What I'm suggesting is Wave A down from y2k ended around 9/11/01 for both the NAZ and SP500. Since then a TRIANGLE may have unfolded. The wave from y2K down to the Oct '02 lows in the Dow should be counted as a Wave 4 expanding triangle. The Dow rally from Oct '02 to present would be Wave 5 which so far has truncated twice. Double implies a much greater price change.

These wave counts help explain the count differences such as a zig zag in the NAZ from Aug '04 to present and the Dow's clear 5 segment motive wave. It also helps clear up counts in the FTSE and the DAX. These counts negate Pechters "expanding leading diagonal" he proposes and favors Zoran Gayer's view.