NYSE:WHR   WHIRLPOOL CORP
81 16 2
Notes on chart. I'm not schooled in e-wave, but if price completed a 5 wave, I would think more upside is in store.
FutureMeDead
2 years ago
snapshot
Reply
KLang PRO FutureMeDead
2 years ago
Cool - so why not a 5wave? Looks like you have this labeled as something else...
Reply
FutureMeDead KLang
2 years ago
Yes. Proposed wave 3 does not have a 5 wave substructure. Additionally, wave 4 overlaps the termination point of wave 1. When this happens we cannot label the structure as impulsive (5 waves). We must then look at it as a correction.
Reply
KLang PRO FutureMeDead
2 years ago
Oh...very interesting. So, what kinds of structures would follow this as a rule?
Reply
FutureMeDead KLang
2 years ago
Deduce by subtraction. If it is not an impulse, it is a correction. Only two modes, corrective and motive. Waves that are motive move in the direction of the larger trend and corrections move against the trend. Rules of impulse waves: #1: Wave 2 cannot retrace more than 100% of wave 1 #2 Wave 3 cannot be the shortest in price amongst waves1, 3, and 5. #3 wave 4 cannot enter the price territory of wave 1.
Reply
KLang PRO FutureMeDead
2 years ago
Well, that much I know...I was just wondering...for instance, following a 5 wave you can get a three wave in the form of a flat, zig zag, triangle or double three, for instance. If this was a corrective movement - does one assume a f5 wave would follow?
Reply
FutureMeDead KLang
2 years ago
We would need to analyze the pattern of 1 and 2 larger degrees. So we cannot assume anything just yet.
Reply
FutureMeDead FutureMeDead
2 years ago
What we CAN say is that a correction is complete so we should expect AT LEAST a three wave counter trend move (in this case to the upside).
Reply
FutureMeDead
2 years ago
snapshot
Reply
timwest PRO FutureMeDead
2 years ago
Remember to have alternation between (ii) and (iv), in price, time or complexity. And look for (i), (iii) or (v) to be 1.618x the next longest wave. So even the first one isn't correct.
Reply
FutureMeDead timwest
2 years ago
Correct. However it is important to advise that those are guidelines and not rules.
Reply
KLang PRO timwest
2 years ago
And this is why every time I think, "I should learn more about e-wave"...I end up not doing so - lol. In fact I started a book some time ago the first two chapters where easy peasy, and then it was a brick wall for me.
Reply
FutureMeDead KLang
2 years ago
Practice makes perfect. You are already a harmonic trader and understand Fibs pretty well. I would say incorporate EW when a pattern is textbook to bolster your confidence in harmonic pattern. If the EW is complex, bypass that form of analysis and do as you normally do.
Reply
KLang PRO FutureMeDead
2 years ago
Good plan. :)
Reply
FutureMeDead
2 years ago
snapshot

Reply
pukkie
2 years ago
Is it not true in e-wave that wave 4 cannot trade into 1st wave down levels? So could we see an quick pop up to the MA's and than more downside? Into the longer drawn uptrend?
Reply