Tuesday, December 20, 2016

Still in the Fourth Wave - Taking Time

Fourth Waves should take time. This one is no exception. The Dow has made two new highs while the SP500 has not. Those are likely X waves in the SP500 cash.

SP500 - 2 hr - Still in 4th Wave

Still waiting on price to cross the EMA-34 with 120 candles on the chart.

Cheers!

5 comments:

  1. So the EWO has met minimum requirement for 4th wave? What if 2278 is exceeded tomorrow?

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  2. EWO has met the minimum requirement for a fourth wave. Price has not because it has not crossed under the EMA-34, yet. Could still be a triangle or multiple flat. Please review the definition of a multiple flat and the X-waves within them. Slightly higher highs in that context have no other special meaning.

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  3. Is that a bill Williams counting rule where price must cross below 34 ema?

    ReplyDelete
    Replies
    1. His rule is that the alligator intertwines in a fourth wave, with price above and below it. The EMA-34 almost always lies dead on top of the balance line of the alligator.

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  4. Joe, when do you decide to switch from a 1 hour chart to a 2 hour chart? I reason I ask is that the 1 hour chart broke down below the EMA-34, but the 2 hour chart has not. Thanks.

    ReplyDelete