Replies to post #64348 on Simple's Green Room

[pennies2007]

I told ya Git was da man. :-)

And you're right...EW theory rules the roost. I've been trading pure wave theory for most of the year. I still take a hit once in a while but they're small.

I've got to put a pen to it but I think my account has doubled 3 times so far this year and it's due mostly to wave theory. Not tooting my own horn or anything...but the stuff works.

[gitonwithit]

Well Pennies is the one who got me interested in it. I'm not sure we're out of the woods yet though, there are still a lot of bullish divergences out there that if we get past that trendline are gonna take it higher. Here I think is a great example of wave 3 about to start where we have a 50 percent fib retrace that ends at the tunnel (which is the 20SMA on the hourly chart) and works out as an ABC pattern which is typical of wave 2s. Classic long play IMO but I'm not necessarily recommending it. I do own it from 8.69 at the weekly .854 fib and divergence but mainly posting it because it's a great example of a "possible" wave 3 beginning.