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  • The End is Near 2 comments
    Apr 20, 2010 2:50 PM
    I am still hoping SnP500 will be able to reach at least 1233 and possibly try hard and kiss 1257 before saying goodbye to this rally.

    However, the daily and 240min charts ii-iv TestLines had already been broken on many indeces and XLF had already broken the daily TestLine convincingly. 

    Therefore, it is imperative that an acceptable end-game scenario be analyzed.

    Since Indu gives at least an acceptable wavecount structure on the 240-min chart, I use this as my template:

    -     img38.imagefra.me/img/img38/6/4/20/aarc/...

    Quick and Dirty terminal date for this rally is April 26-28, 2010 based on the weekly chart. 

    The daily chart is giving as early as  April 21, 2010 rally terminal date.  Scary Huh!

    I'm 15% cash as of now.  Objective is 30-40% cash in preparation for a potential 1-2 years correction or A-B-C consolidation range on the weekly and monthly charts.

    I may have to buy SDS and/or FAZ if the downturn starts this week to hedge my stocks/etf portfolio.


    Addendum:

    eSignal chart data include only the actual trading days for past days while the Saturdays and Sundays are still included for future projections.  Therefore, the April 26 maximum date projection for the daily chart included Sat and Sun (April 24-25) as trading days.  I will have to move the max limit to April 28 to remove non-trading days.  If the rally continues past April 28, then I will have to study the wavecount much harder.

    EW date projection is a new method I am testing mostly with my intraday scalps and daytrades.  So I do not expect them to provide better guidance than the price projection method over a longer time period.
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  • Champstar2
    , contributor
    Comments (74) | Send Message
     
    Interesting stuff, thanks for sharing.

     

    Is there a book or website you recommend for learning about wave theory/counts?
    20 Apr 2010, 06:27 PM Reply Like
  • aarc
    , contributor
    Comments (2950) | Send Message
     
    Author’s reply » I use Mastering Elliott Waves by Glenn Nelly most of the time.

     

    Warning - you have to be very patient to understand the book.
    20 Apr 2010, 07:00 PM Reply Like
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