Phantom of the Pits

Zzoom, Can you give an example of a market (US or International in stocks, bonds, currencies or commodities) that is in wave 1 of a bull market?
Or maybe even better: 3 waves somewhere in the past.
Thanks
 
Chuck Krug said:
Zzoom, Can you give an example of a market (US or International in stocks, bonds, currencies or commodities) that is in wave 1 of a bull market?
Or maybe even better: 3 waves somewhere in the past.
Thanks
More...
Well, EWT is very subjective.. and, you never know a market has been in Wave 1 until Wave 2/3... hence the perceived need to trade Wave 3.

It being fractal in nature, you can probably find something on any chart.

The link below brings up many subjectively annotated charts...

https://www.google.co.uk/search?q=elliott wave pattern 2015&tbm=isch&tbo=u&source=univ&sa=X&ei=w-f-VNanJYqxUYCThIAG&ved=0CCEQsAQ&biw=1024&bih=496
 
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The wave structure referred to is both behavioral and theoretical. During the period when POP was trading, this structure was more evident. However, when the Fed started interfering with the market directly, the "3" became a "4" then a "5" then ever upward until we entered the bubble era in '94 (though one could argue that it began in '87).

Essentially, the behavioral aspect is what POP describes: the first wave out of consolidation consists of those who are first "in the know"; the second consists of those who get the news next; the third is the public, who go nuts with greed. The 80s are a good example: the first wave from 82-83, the second from 84-86, and the third from 86-87. You can see how each wave is steeper than that immediately preceding. The last tends to sputter out relatively quickly since it consists of what one might call "chumps". If Greenspan hadn't interfered in the LTC debacle, we might have had a normal 2-wave down correction.
 
So there aren't any bullmarkets in wave 1?
Perhaps on a shorter time frame?
He spoke of looking at charts of several years, but also 6 month charts.
 
Yes, but this was distributed in '97. By then, fundamentals were pretty much tossed and we were already into the bubble era. There is eventual exhaustion, but not necessarily in Wave 3. We can move into Wave 4. Then 5. Then 6. This bull has gone on for seven years. That's a lot of upwaves.

Edit: Incidentally, I don't want to be cryptic. There's enough of that around here as it is. If you're looking for entry criteria rather than a theoretical discussion of wave structures, look for something that's ranging, preferably something that people are interested in and want to buy, i.e., something that traders and investors have actually heard of. Oil stocks are interesting now. Then, when price exits from the range, buy it. If the breakout fails, get out of it and go back to watching it. When it breaks out the next time, try it again. Just don't be buying breakouts every 5 minutes. If the breakout is successful and price begins to trend, you can look back at some point and be pleased with yourself that you bought in "Wave 1".
 
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