Just some ideas for long term. I'm no pro at Elliott but I just used the basics.. We have a failed 5th wave. Large correction to come.
Comments
vuminhit
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nice, thanks
dimes
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I am sorry went to sleep Ill publish the chart.But remember your not disagreeing with me your disagreeing with R.N Elliott the genius who made this theory. If wave three is less than 100% of wave 1 then wave % will be the shortest. Now if you do everything right and you see a wave three that is the shortest than either wave three is extended or it is a correction.
dimes
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sorry meant to say wave 5 would be the shortest
SilverMoney
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i see - ok thanks!
dimes
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Give a few and Ill show you how you could have labeled it and if it did not meet minimum expectation let it go. dont do what I use to for years and over trade and loose lots of money. It took me a few years to finally agree with myself just cause your putting in the work you are not always right but when you are it is a great feeling. Trade for the joy and money will come.
SilverMoney
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ok thanks!
dimes
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You can only assume until it satisfies certain points that make in correct. It can still be a fifth wave move coming but there are rules in Elliott that can not be broken or your count is wrong. and there are guidlines that happen more times than not but not always so they cant be rules. Number one you broke one of the most important rules...Wave three can never be the shortest wave and look at you first third wave up it is a smaller percentage move than 1 and 5 so your count is wrong.... Now even if it were right when a wave to is a regular sharp abc pattern like a zigzag wave four usually retraces less than wave 2 and is longer in time. There are key fibbonnacci numbers to follow i will send a chart on how it should look so you can get the idea.You can be right about your forcast but if you do not do the proper work you will get burned
SilverMoney
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I might disagree about "wave three can never be the shortest". What about extended 1st waves that cause wave 3 to be normal? Isn't wave 3 impulsive? Wave 1 is clearly not as impulsive as wave 3.
dimes
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Also Elliott is objective so there are certain points when you can tell for example if you have a failed 5 wave, I not sure what that means but maybe your talking about a truncated fifth but that is a weekly chart that looks like it is still ina fourth wave flat, which means the move down is is A move up is B and the move starting to go down again from this chart would be C after a flat correction then you can expect another five wave up which would equal the fifth wave of the larger degree and you can plot certain spots in advance and if they r right on then your trade set up will have that much more of a chance of being on the side where you can make a dollar J.K but Ill post some stuff and if any body wants to help and chime in please do, but lets not get him confused.We are all still learning.
SilverMoney
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Yes I was expecting a truncated 5th. How did you determine if it was a flat or not? Didn't it satisfy rules for a 4th wave, 3 wave move? Or are there more complex moves a 4th wave can make?