Turning Points are minima and maxima of direction and time.
THEY ARE NOT PEAKS AND VALLEYS OF WAVES.
You drive on a long and straight highway then eventually it turns. That is a turning point. You turn with it or you crash. Where's the wave?
It would be a mistake to define that motion as waves.
The word waves infers discernibly cyclical behavior.
It doesn't have to be that way, and most often is not. The motion can be random, and mostly is.
The image below is of $SPX. The process of de-trending, the result illustrated in the image, is the key basis of my system for determining Buy and Sell dates related to $SPX. All stock symbols are processed in exactly the same manner. To the best of my ability, the waves have been removed, for they are not important and only serve to confuse.
The de-trending process only depends on the values of the 3 daily candlesticks prior to the current day. Nothing else matters.
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