Replies to post #84704 on Regen BioPharma Inc (RGBP)

[ecmoney]

nice

thanks for sharing


as they say "the trend is your friend"



ec

[foxi]

Thanks! Glad to see your charts as well! :)

RGBP's trading pattern from May to August was confusing to me when I first tried to plot the Elliott Waves. Trading during this timeframe has a definite wave-like motion to it, but my training (just youtube, lol) says that Elliott Waves have to be a part of an ascending or descending trend, and follow certain objective rules, otherwise you're looking at something not-an-Elliott wave.

That video also says there are other pullback patterns than just the standard A-B-C zigzag. (There's a 5 point one as well!) Initially I thought April's pullback was a bearish descending triangle or wedge, with 5 articulation points, but now I think it's just the standard zig-zag really vertically stretched.

If I plot the waves like in the following chart, it looks more like RGBP entered a weird sideways channel for awhile and hugged the bottom for most of it, with weird little spikes up at regular intervals. The rules that broke for Elliott Waves in this timeframe include that it never exceeded breakout highs, and kept returning to lows.

Note that when price reached a new high of .03 in early July, because it returned to the old low afterward, that made .03 the new breakout point instead of the previous high of .024. That means we ignore that little recent cuphandle bit in early August when plotting Elliott Waves (it looks like a retraction but it's not!)