IVRT: I can't respond to your private message privately as I am only a basic member here at this point. But I'll try to answer your question here. (It didn't seem personal, so I'll requote it for the other reader's benefits)
Do you need an otcc bb stock, with a lot of volume to cause the psychological moves required for the elliot wave theory to work? If so, does DNAP have the necessary volume?
My answer is that I believe that any stock or index requires a lot of what I would call public interest. That usually is indicated by high volume. The lower the price of the stock, the higher the volume required to maintain that level of public interest, and I believe it is directly proportional. This is because someone who can buy 100 shares of a $70 stock, can afford 100,000 shares of a 7 cent stock. The higher the dollar volume, the more broadly diverse the buyers and sellers are.
The reason I say "public interest" rather than volume directly, is due to the fact that if there are 100,000 people watching the stock and not buying or selling, that also is part of the psychological effect on the stock and is not directly indicated by high volume but is probably just as significant. (It is, in effect, a choice by 100,000 people to hold!) If public interest wanes, and people drop off never to return or look at the stock again, the waves will likely break down.
Has that happened to DNAP? I really don't know. I can tell you that in June the waves were very fast and easy to count. When the volume slowed, so did the wave counts, as they took longer and longer to develop. Each subminuette wave was occuring in about 3 days each, and now are taking 2-3 weeks to complete. This makes me more cautious, but still optimistic as the waves are still within the rules.
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