New ES Alternate Elliott Wave Count From March Low
Sometimes I wipe the slate clean of prior notions and start an Elliot wave count over from scratch. I figure I might see things that I didn't previously notice. I did this last night and came up with an Elliott wave count variation that interprets the larger sideways pattern as an Elliott triangle instead of the shorter ending diagonal pattern I previously identified. I also came up with an ending diagonal interpretation for the March-April 2009 period.
In technical analysis a classic triangle requires price contracting or expanding between two trend lines with at least 3 touches. In Elliott wave analysis the Elliott triangle requires at least 5 touches. Additionally, in Elliott wave analysis each leg of the triangle must be 3 waves.
An incorrect interpretation of a triangle (which I see way too often) is when price is shaped like a triangle and the analyst gives no regard to touches between trend lines.
There are good Fibonacci ratios to support this Elliott wave interpretation.
Ideally, this corrective wave interpretation does not incur a new high, and it will only support a minor new high.
I still cannot interpret an impulse wave set up from the low without Elliott wave rule violations.
Right click on chart (view image) to enlarge
In technical analysis a classic triangle requires price contracting or expanding between two trend lines with at least 3 touches. In Elliott wave analysis the Elliott triangle requires at least 5 touches. Additionally, in Elliott wave analysis each leg of the triangle must be 3 waves.
An incorrect interpretation of a triangle (which I see way too often) is when price is shaped like a triangle and the analyst gives no regard to touches between trend lines.
There are good Fibonacci ratios to support this Elliott wave interpretation.
Ideally, this corrective wave interpretation does not incur a new high, and it will only support a minor new high.
I still cannot interpret an impulse wave set up from the low without Elliott wave rule violations.
Right click on chart (view image) to enlarge
Posted by TheMarketDetective at 4/29/2010 9:41 AM 
Categories: Fibonacci, Technical analysis, Elliott wave
Tags: Fibonacci Elliott triangle ending diagonal corrective wave Elliott wave rule impulse wave Elliott wave
Categories: Fibonacci, Technical analysis, Elliott wave
Tags: Fibonacci Elliott triangle ending diagonal corrective wave Elliott wave rule impulse wave Elliott wave
NIcely done....any charts on the next 3-6 months would be great
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