Hi Sally
You've got me banging my head against ElliotWave theory again, damn you, lol... understand, I am very much a novice at EW, but I love it 'cos it is such a puzzle with so many possible outcomes.
I must say that running on a 1 hour chart or 60 minutes, on bhp with the number of gaps that occur due to its international trading status make wave counts pretty tough at the level of fineness that you have gone to, but I'll try...
The first thing that I notice with the waves you have marked out is that the 5th wave is longer than the third... This is not the most common case, but does occur, and I beleive your sequence is valid.
On the down side, the corrective retrace, I would be more inclined to mark the point a as being at you current level c, and the little jiggle you currently have marked as b as an ideal sell point on initial retrace within the 5-a wave structure...The wave up (retrace) from the new a now becomes b, and could be the start of the third leg down of the three wave corrective after the initial marked by you five wave up...
Confused...? Here's my take chart wise...
Note, this is pure maybe from me... I am still to comprehend ew in a manner that I can trade it, and my training is not yet good enough to be nimble with it on the smaller time spans that I normally trade on, and like I say, 'tis very difficult for me to have much certainty with so many gaps and unknown price movements on the 60 minute BHP chart.
As an aside to that, has anyone ever combined adjusted os trading of BHP with Australian trading of BHP to make a chart that is smoother over intraday time spans?
BTW, my knowledge of EW is mainly from a book called "Trading Chaos" by Bill Williams, which has given me a far more comprehensive and understandable view of EW than any other text I have read... hopefully when I have Bill Williams understanding under my belt, I can move back to other texts with slightly more enlightened eyes.
;)
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Hi SallyYou've got me banging my head against ElliotWave theory...
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Price($) | Vol. | No. |
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44.750 | 2000 | 3 |
44.760 | 143 | 1 |
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