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| Alias Born | 10/29/2007 |
Sunday, February 07, 2010 3:33:31 PM
Hey villas, congrats on striding into the Elliott Wave World...LOL!
I'm not sure about the ABC setup you have drawn out there because we have to actually look at the long term picture so get an idea of where it's at. So, a long term view of the daily or even weekly will help define where a pair is at at any given time. But for the moment let's assume it is an ABC correction pattern.
I made a few notations on your chart and I'm posting it back here to help a bit. The first section that you have listed as Wave B is made up of 5 waves but they're not a true five wave series as you would normally think of them. Wave B in this case is an expanding triangle. But, it is normally made up of a 5 count wave series so you're not actually wrong at all in the count there. Wave B is actually a combination of a pair of what is called Flats.
The Wave C is a true 5 wave series pattern. The only thing you did wrong there is you had Waves 1 and 2 in the wrong place. I corrected that so you can see how they should look. The main thing to look for is the fact that Wave 3 is almost always the longest wave by far in a standard 5 wave impulse series.
All in all, I'd say you did well on your first venture. Once you get the rules down pat, it makes the job a lot easier.
I'm not sure about the ABC setup you have drawn out there because we have to actually look at the long term picture so get an idea of where it's at. So, a long term view of the daily or even weekly will help define where a pair is at at any given time. But for the moment let's assume it is an ABC correction pattern.
I made a few notations on your chart and I'm posting it back here to help a bit. The first section that you have listed as Wave B is made up of 5 waves but they're not a true five wave series as you would normally think of them. Wave B in this case is an expanding triangle. But, it is normally made up of a 5 count wave series so you're not actually wrong at all in the count there. Wave B is actually a combination of a pair of what is called Flats.
The Wave C is a true 5 wave series pattern. The only thing you did wrong there is you had Waves 1 and 2 in the wrong place. I corrected that so you can see how they should look. The main thing to look for is the fact that Wave 3 is almost always the longest wave by far in a standard 5 wave impulse series.
All in all, I'd say you did well on your first venture. Once you get the rules down pat, it makes the job a lot easier.
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