Ewj: elliott wave
- Thread starter mu200411
- Start date
Quote from Mup:
Hi ammo...
Alts are used like traffic lights for techincal traders...For a trend or wave degree to say in tact the corrections or Alts must be the same or less..
If the corrections start to overbalance ( gann term) ie go over the bench mark.Then the trend is changing or in EW terms, were changing wave degree....
.In this case the bench mark was that -7.5 on the Globex...Once we did more than the -7.5 the warning flags go up that the current wave degree has changed.
The next ALt to watch is the 1:1 measured move point @1356...If it can hold this it means it corrective. If it carn't then the wave becomes implusive, which then opens the door for a deeper correction...
thanks for the explanation and thanks for posting the #s,please keep it up,this is a good thread,sorry i don't have a better undestanding,that's where u 3 come in
5min ES
Status: Took profit at the, last Thursday (10th) high, resistance when there was a lower low. Re-enter after a -100, -10, -20 points retracement as said when there were small "w" and big "W" pattern confirmations.
Strategy: Hold the long positions to the target measured move, since the last :i wave looks impulse. Wave :ii is almost completed.
Consider ST short position near measured move when there is a lower low. Cover short position after a 150, 10, 20 points retracement, allow for + or - 30% error.
Strategy: Hold the long positions to the target measured move, since the last :i wave looks impulse. Wave :ii is almost completed.
Consider ST short position near measured move when there is a lower low. Cover short position after a 150, 10, 20 points retracement, allow for + or - 30% error.
