Replies to post #36759 on Bagman's charts, watchlists, scans and etc.

[Jimski]

As I understand it yes. This is what they mean by alternate interpretations. Like you I have become quite interested in the Elliott wave principle because for Indexes at least it seems to work and provides predictive structure to the chart. The downside of Elliott wave and the part that turns a lot of people off about it is that to some degree it is subjective and especially for the corrective waves there is often more than one interpretation that could be right. So yes if goes way below what I labelled as Wave 4 then that would mean I had it right the first time in October when I said the first stab at 90 was wave 5. This would mean the upward impulse part of the wave was over in late October and we are now into the ABC correction to the 5 impulse up to 90 instead of still being stuck in wave 4. That would mean the high would have been 90 for this cycle. See what I mean about it getting subjective and complex LOL. This is why some people just give up on it alltogether.