noob FTSE100 forecast

[RayH]

(01-24-2011 07:40 PM)TS Hennessy Wrote:  Ray, that price action from your circle v all the way down looks like a C
of an RTB 4th. I would therefore expect a new top.

In any case I wanted to point out that the (3) to (a) move you marked
up must always be a 5 wave, never an ABC.

Hope this helps more than hurts.

Hi Tom,
Thanks for your insight. I take all constructive comments on board.
If this is all part of a 5 wave up from 6th July 2010 then we should be expecting a RTB in the current leg. I thought it had already passed (29th Dec) but will keep your view in mind now.

So my (3) to (a) wave should be 5 waves. Does the same also go for the (1) to (a) on my last chart? i.e. ABC corrections are 5-3-5?

Thanks
Ray

[finster869]

(01-25-2011 03:28 AM)RayH Wrote:  

(01-24-2011 07:40 PM)TS Hennessy Wrote:  Ray, that price action from your circle v all the way down looks like a C
of an RTB 4th. I would therefore expect a new top.

In any case I wanted to point out that the (3) to (a) move you marked
up must always be a 5 wave, never an ABC.

Hope this helps more than hurts.

Hi Tom,
Thanks for your insight. I take all constructive comments on board.
If this is all part of a 5 wave up from 6th July 2010 then we should be expecting a RTB in the current leg. I thought it had already passed (29th Dec) but will keep your view in mind now.

So my (3) to (a) wave should be 5 waves. Does the same also go for the (1) to (a) on my last chart? i.e. ABC corrections are 5-3-5?

Thanks
Ray

Yes, all "A" waves are 5 wave moves in NEWR, so your (1) to (a) is incorrect as well.

[RayH]

I am really struggling to count the move up from Jan 20th. In my last chart I have it as an ABC after wave (3) - edited to be wave 1 of larger (3) - but the internal structure looks messy to me. The move down from the 26th would then be the next internal wave down.

Last fridays move took us down towards the bottom of the bullish channel from July 6th. The support line was tested twice this morning. I think a close below this would give me confidence that we are continuing south with wave (3).

   

[TS Hennessy]

How about a trendline break-hint before setting the final high?

Just something that occurs to me.

[RayH]

(01-31-2011 02:07 PM)TS Hennessy Wrote:  How about a trendline break-hint before setting the final high?

Just something that occurs to me.

Oh yeah, sorry
So that would mean wave 5 back up to at least 6090 (I think) then, including an RTB?
Cheers
Ray

[Quality Control]

As an institution for learning and the presentation of information concerning the Elliott Wave Principle Robert Prechter and Elliott Wave International is second to none. But has anyone noticed how wrong they've been concerning the Dollar index, the Eur/Usd currency pair and the DOW over the past 6 months.

They continue to charge money and provide extremely poor and inaccurate market analysis! Even if the Dow and Eur/Usd goes down and the U.S. Dollar index goes up as they've been touting since mid June of 2010 a case can be made that they've said it for so long it was bound to happen eventually!

Four months ago a smiling Robert Prechter himself in one of his services (The Elliott Wave Theorist Oct 12th, 2010) specifically stated, "The only bullish chart in the financial pantheon is that for the U.S. Dollar. Investors should avoid everything else. Traders should stay short the S&P and sell short the euro. If you are a speculator who joined us after January 2010 and are not already short the stock market, use this opportunity to take A MAXIMUM LEVERAGED SHORT POSITION'. If you want to take a flyer shorting precious metals or certain commodities, our Metals and Commodities Special Services track these markets daily."

It seems the Elliott Wave guru's have lost their touch !? And they continue parroting the same 'one day it will happen and until then were not sorry even though you deserved better', unapologetic and unrepentant use of the sensationalist language and misleading verbiage they continuously use in their analysis as if their conclusions are imminent! There should be a malpractice law for poor substandard consistently inaccurate investment advice from licensed professionals.

[finster869]

6 months? I subscribe (don't ask me why), and he has been dead wrong in EVERY asset class for the past 1 1/2 years. He has been short gold since 900, bullish the dollar, and double short equities. Anybody following his advice would be insolvent. Every edition says the same thing....we have a completed wave pattern, yet month after month he simply moves his P2 label higher and higher. So, I totally agree with you. However, we don't do traditional EWT on this site. we do NEWR.