Replies to post #55738 on Zeev's Turnips Patch-No Politics (ZEEV)

[mlsoft]

sylvester...

I am certainly not an E-wave expert although I do use it as another tool in my work. I see what you are saying, and the move off of the October lows (which in itself is an "ABC" move) could be the "A" part of a larger "ABC" move north. But even given that view, Friday's breakdown out of the bear flag would mean the "B" is not complete and has further to go, probably in an "ABC" move.

I am still more inclined to see the down turn as an end to the bear rally, with an "ABC" down trend in place and look for "C" to equal "A". The uptrend channel (more of a wedge) of the bear rally from Oct.10 has been broken and the current down move needs to immediately reverse to the upside for a "C" upleg to be in place, meaning the break of the bear flag was a false break to the norm - unlikely, in my opinion, although in this market nothing is impossible.

But we shall see. Any accomplished E-wavers out there want to chime in??

mlsoft