Are we in the C wave of an RTB4 on USD/JPY weekly

[peternz]

Hello All,

I've unplugged the 4th wave cardinal rule, replaced it with this one and begun counting from the 2007 high (still hopefully the start of a 5th wave decline) on the weekly USD/JPY chart using the method outlined in the book and to my surprise we might be right in the middle of the C component of a re-trending B as we speak, but this is my 1st attempt at it and I would like some confirmation Can anyone help on this? it looks a little like the example shown on page 24 of the e-book.

Thanks
Peternz

[3kings]

(09-06-2010 05:55 PM)peternz Wrote:  Hello All,

I've unplugged the 4th wave cardinal rule, replaced it with this one and begun counting from the 2007 high (still hopefully the start of a 5th wave decline) on the weekly USD/JPY chart using the method outlined in the book and to my surprise we might be right in the middle of the C component of a re-trending B as we speak, but this is my 1st attempt at it and I would like some confirmation Can anyone help on this? it looks a little like the example shown on page 24 of the e-book.

Thanks
Peternz

That is what I would say it is now too.

3kings

[finster869]

(09-06-2010 05:55 PM)peternz Wrote:  Hello All,

I've unplugged the 4th wave cardinal rule, replaced it with this one and begun counting from the 2007 high (still hopefully the start of a 5th wave decline) on the weekly USD/JPY chart using the method outlined in the book and to my surprise we might be right in the middle of the C component of a re-trending B as we speak, but this is my 1st attempt at it and I would like some confirmation Can anyone help on this? it looks a little like the example shown on page 24 of the e-book.

Thanks
Peternz

Please post your chart so we can analyze your count. Thanks.

[peternz]

OK I hope I have attached chart OK.

[finster869]

You have a "D" and "E" at the beginning of the chart, which we don't use with the new rule. Also, your wave 3 is shorter than waves 1 and 5, which violates a rule. Therefore, this count does not work under either traditional elliott wave analysis or the New EWR.

[peternz]

Hello finster869,

Thanks for the reply, the D & E wave are a part of the classical counting methods of a triangle in wave 4 which we don't now count in that way, however provided wave 5 starts from the 2007 high my main focus is on explaining the wave movements in this wave, When I get round to recounting the previous waves using the new method I will be able to drop this out and replace it with a new count but until then It just simply represents the past. In some ways it's just that I don't like to leave it floating with no explanation and would rather wait until I can replace it with a new count. I see it could cause confusion and apologies for this.

I agree wave 3 is shorter than wave 1 (not the most common occurrence) but wave 4 hasn't finished and wave 5 hasn't started (perhaps), those dotted lines are just completing a wave count sequence expectation and have no significance in price value or timing.

This is just my 1st attempt to explain the wave motion using the NEWR method and am very receptive to a corrected version especially as this is considered to be a wave 5.

Thanks again
peternz