Russell

[TS Hennessy]

(02-22-2011 01:22 AM)Steely Dan Wrote:  I think I should have added a caveat to my posts. Yes I'm still of the opinion that in extreme situations a market can be rigged by debasing it's currency sufficiently, but this is not of the significance to me that it once was because yes we do count and in doing so we look for favorable entry points in terms of risk to reward. I suppose the proximity to 2007 highs also has me looking to see if I can sense a change in the winds of sentiment, here I think I can with the turmoil in the middle east coinciding with sharp rises in the price of oil.

Ah, no need, Dan.

The one area where I give equal credit to Bob Prechter as I do for his
enormous work in making EW known to so many is his work in
Socionomics ( which is his term for the sentiment precursors to which
you refer, as I am sure you know already ).

I cannot fault him for his counts since he has not known about the
NEWR and at this degree of scale it makes a huge difference.

However even though the work in Socionomics was surely based upon
the economic data coming out of many a correlation over the years I
notice that it is easy even for him to forget the premise of that study
at least as I understand it.

This is that the upcoming moves are already in the sentiment beforehand
which drives the market and so they are in the chart already as well. In
this regard I believe that it is a mistake to go to any other chart to find
what the target chart will tell you.

That has been my method of focusing and I am only trying to relay it in
the way which garners attention and I feel I must compete with the
sensational if I am to make my point. Therefore I used the wording,
"strongly advise" to get my message across and hopefully it will pay off
for us in the future.

[Steely Dan]

I think the falls have been sufficient to make me take a closer look. I have re-worked the red numbers on the weekly count and put them on the daily chart. I think the 1,2,3,A section counts better this way. A second chart closes in on the purple and blue numbers on the 1hr timeframe. I think 804 or thereabouts is the key level (purple line) and I'm hoping for one more close approach to it to go long.