I hope all is doing great! I will share my Elliott Wave count with you and it can be a sign of bigger moves will be infront of us. Even though, my primary target has been to go much further down south to close gaps SET has left behind, since the March lows. I have stated to question this, at least for the near term trend but as the wave count says, when the correction is finished with, only the future knows in which direction it will take
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Sorry choose the wrong wave count I did before and just missed the 15 minutes of time to edit. But the end is the same.
The 3rd wave goes up to 21 of May and the 4th just after that.
yikes EW theory as a predictive model in a market domination by FED action instead of technicals?!? good luck!!
SamuiTrader
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@jram68, Thank’s! As technical analysis (TA), for me at least, is the best and only way to read the markets phycology and the sentiment behind it. Have you missed that has TA has worked extremely well, during the “covid-race”? So good luck back, in trading FED actions and not how the market chooses to interpret it!!!
Lukiros
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In my count. We still in wave 4 go to 5 in next month. If it is Truly wave C, It's should go to below 1283 as it should be.
SamuiTrader
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@Lukiros, You might very well be correct, we will also see when C is finished.
And how I learnt to count wave is, all bigger 5 wave counts has often/always a wave count within each wave.
Anyway, thanks for your input.
Lukiros
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@giantDreams, Sorry for my bad English. I didn't sleep last night. And my job is killing me(I'm an electrical engineer). So, Thank for sharing your ideas.
SamuiTrader
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@Lukiros No worries, it's always good with a discussion and to be open for different views and ideas.
Looking at SET in a much bigger –long-term— picture, I believe that after SET reached its ATH in Feb. 2018, and the correction thereafter, it created a new wave structure. As the structure isn't as clear to me, I have chosen not to base my trades on the long-term wave count.
What I can't decide over, in the long-term wave count, is; either the March low was wave 3 ending or if it was a very big wave 5. If it were the latter, then what I drew in this analysis would’ve been wave 1 (probably wave 2 that we are in now, or have just left).
That's what I most appreciate with stock trading and technical analysis, everyone can do their best in trying to read the market, but only the future sits with the answer. Good luck!
Lukiros
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@giantDreams, Here my count.
SamuiTrader
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@Lukiros, Interesting, you look at "Covid-Panic-Sell" as C correction and now as wave 4, and SET might very well be wave 4 now as the consolidation often happens in the 4th wave. Nice!
NateNumber
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@Lukiros agree with you. Do you think where wave 4 ends? Just that or downward downnn?
Lukiros
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@nathansoul, 4th wave is ended. For me, now is 5th wave. You can look at MACD(day). But not for long, The 5th wave is coming fast and fast end too.