Elliott Wave Update 01_21_11

[gigglo01]

I wish to ask one doubt about the USD EW count. The time for the ( W1 ) ( marked in green ) up from Nov 2010 is hardly 30 days.....

But the Corrective waves (W2) from Dec till Now says its more than 60 days...

I wish to ask you about the basics of the time taken for the waves to get complete. On what condition W2 can be longer in time than W1 ?????

[ElliottTrader]

@gigglo01 Well, let's reason by example. If you think gold has been in a bull market, please examine a monthly gold chart from 1998 forward. You will see after Gold bottomed at $250, it made two monthly bars higher, actually one and part of a second, as Wave 1, up. Then you will note fully 16 or 17 bars that form corrective wave 2, lower. Recall that it is literally the function of corrective wave to waste time waiting for the next impulse. Hope this helps. Cheers.

[xicodoporto]

on sp500....X waves cant be more than 61,8% than first retrace is not an X....

[ElliottTrader]

@xicodoporto I went back through the EWP to look for a statement that X waves can not be more than 61.8% but in the sections on correctives no such reference could be found. If you have a reference within the EWP and would like to provide it, it will be revisited.

[xicodoporto]

@ElliottTrader just if double three.... X waves are continuation correction.... than what i see is a running X till 1173.... and in 1039 is wX....

[ElliottTrader]

@xicodoporto You did not provide a reference so, for now, its time to move on.

[VoDoAu]

EW is funny, it can describe past :-)

[ElliottTrader]

@VoDoAu Yes! And a very wise man once said, "in order to know where you are going you at least need to know where you have been."

[frankwieder]

good video ET see ya in the cil hillbilly

[me7md]

always ur analysis is convinced me and u r still no 1 in ew

[mkots23]

I just wish that every EW analyst could be as minimalist, B.S free as this guy!!! great job!!

[ElliottTrader]

@mkots23 Thanks very much. The comment is appreciated and hope I can continue to live up it.

[ElliottTrader]

Thanks for the comments ken, Blind and Sjag. This will be a telling week in the markets so let's see how things play out. Cheers.. Joe

[kenlee2470]

Joe - thanks for the analysis. Very clear wave count, great for a new student of Elliott Wave such as myself.

[BlindHatchet]

Joe, very objective wave analysis the way wave analysis is intented to be. Great job in pointing out alternate possibilities as well. This is superior wave analysis.

[Sjag4ever]

Thanks Joe, this video as all of yours includes some excellent analysis presented in a very digestible format.