Thursday, January 28, 2010

1/28 - SPX Line Chart [12:20 PM Update]

[12:20 PM Update]

This is another option I have on the table. A possible final 5th wave Ending Diagonal to complete the extended 5th wave. The projected target for the last v of (v) would end near 1072.

My alternate count #2 option is off the table for now, at least by the way I have counted it. Columbia1 has a count similar to mine that would still work for the 5th of 5th.

[9:25 AM Update]

Here's a squiggle count of the 5th of 5th extension count. I show wave iii extending.
[9:00 AM Update]
My Primary Count

Alternate Count #2

So far the primary count looks good. I have (v) in the works. However, My alternate count #2 is looking pretty strong and may have to become alternate #1 or my primary altogether. Wave 3 of the alt2 count looks like it may be extending.

7/28/09 Before Line

7/28/09 After Line

7/28/09 After Bar

This is a line chart of my primary count. I think using this method helps smooth out the wild fluctuations that may distort the waves. I believe Prechter would agree because in Elliott Wave Principle (EWP), Pg.70, Prechter states that RN Elliott and A. Hamilton Bolton all kept an "hourly close" chart, one showing the end-of-hour prices. Unless I am missing something, I believe this is the same as using a line chart. Prechter and A.J. Frost utilized this as well.

In the case of my primary count above, the line chart shows a pretty clear structure. The nested 1-2s are quite obvious here.

I have an example where I used the line chart on July 28, 2009. See Post I used the same charting method to determine whether we were in a triangle.

At the time, I think there were many interpretations because the squiggles were everywhere. In fact, the comment posted by bruiser at the time shows the various views points and uncertainties.

The line chart presented a clear picture of 3-wave (a-b-c) structures indicative of a triangle. The one mistake I noticed I made back in July was how I projected the thrust. I was off a little, but notice, had I measured correctly, how fairly accurate that thrust was?

Does all this mean anything? Who knows but I will say its just something else to think about and add to the analysis. July seemed to work out pretty well or I'll just say it was a lucky call.


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