AVZ chart, page-3744

Hi AgHead … lovely chart … I too enjoy Elliott Wave analysis but conduct it in a far more subjective manner than your pure numerical version.

As you will know … the Elliott Wave concept was derived from interpreting emotional trading patterns in numerical form … if so the bottom is essentially an exhaustion scenario.

When that down trend started I was concerned that we were not making a more precise A,B,C corrective pattern … and I see you have interpreted it as two three wave retraces … that seems to focus on the 61.8 Fib retrace level … which is your interpretation of the bottom.

From my perspective - this could be a DCB … for a start it's left a gap behind to 16.5 and it doesn't feel like there's real conviction with this rally.

On the LIT chart I'm wondering if what we have is the B cycle of the down trend so eventually we'll get LIT back to 30 which would make a better chart IMO given the current markets.

That's where I'm looking … your chart is great … I've got the entry wrong a few times on the way down to here … perhaps I'm just too bearish but I just don't see the excitement in this rally that I thought there would be if it was a real bottom.

Thanks again.