tag:blogger.com,1999:blog-4251274909260261631.post4105895600516458428..comments2024-03-29T02:43:21.464-04:00Comments on Elliott_Trader: The Dreaded Megaphone PatternElliott_Traderhttp://www.blogger.com/profile/14941335198945083652noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-4251274909260261631.post-31346201075817870962020-12-05T17:25:06.422-05:002020-12-05T17:25:06.422-05:00The leading diagonal came true it seems. Just goes...The leading diagonal came true it seems. Just goes to show, never rule anything out with EW patterns and what they suggest will happen. Glad you're open minded enough to suggest it was a possible W1 diagonal.Timhttps://www.blogger.com/profile/03888681914822228041noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-1512638586293747892017-09-14T21:50:21.180-04:002017-09-14T21:50:21.180-04:00I agree with you that a leading diagonal has not t...I agree with you that a leading diagonal has not the highest probability at this stage, and, if it actually unfolds, then I imagine it would be contracting rather than expanding.<br />So, yes, I'm expecting the current overlapping structure to be a corrective B wave but of a running triangle that would complete minute wave four - an expanded flat or a combination would also be valid scenarios, considering their sideways characters in alternation with the sharpness of the respective minute wave two zigzag (from Mar 1 to Mar 27).MikeOakhttps://www.blogger.com/profile/01711336876085090328noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-53790793751969148382017-09-14T14:48:48.885-04:002017-09-14T14:48:48.885-04:00Just bear in mind for the leading diagonal wave (i...Just bear in mind for the leading diagonal wave (i), in the S&P500, you would want exactly the same 'megaphone shape' that you have in the Dow - that you don't have in the S&P500. This again tends to reinforce the B wave.Elliott_Traderhttps://www.blogger.com/profile/14941335198945083652noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-40978830239704890722017-09-14T13:56:07.997-04:002017-09-14T13:56:07.997-04:00I covered that contingency when I indicated the le...I covered that contingency when I indicated the leading diagonal possibility. But, that needs to be proven, yet.Elliott_Traderhttps://www.blogger.com/profile/14941335198945083652noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-22928262097807838742017-09-14T13:54:59.893-04:002017-09-14T13:54:59.893-04:00Or the triple zigzag being wave (i).Or the triple zigzag being wave (i).MikeOakhttps://www.blogger.com/profile/01711336876085090328noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-12839004269694026932017-09-14T13:46:41.962-04:002017-09-14T13:46:41.962-04:00Nope. Makes very little sense. Ending contracting ...Nope. Makes very little sense. Ending contracting diagonal 'almost always' have wave (i) over the prior market high, so that it's 'motive character' is seen to be expressed. Same with (iii) - a higher high. Best count may be the B wave.Elliott_Traderhttps://www.blogger.com/profile/14941335198945083652noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-88756501145727890272017-09-14T13:35:58.981-04:002017-09-14T13:35:58.981-04:00Hi. In the S&P (futures and cash), lines do no...Hi. In the S&P (futures and cash), lines do not diverge (they are converging). Therefore, if the pattern ends up not being a triple zigzag, I'm expecting it to be an ending contracting diagonal (much more common than expanding...), with wave (i) located at your current (iii). The current rise would then be wave (iii), followed by a decline below (i) and a subsequent and final wave (v) ending who knows with a throw over... Makes sense?MikeOakhttps://www.blogger.com/profile/01711336876085090328noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-65932571971533309752017-09-14T09:16:08.358-04:002017-09-14T09:16:08.358-04:00Very difficult to count the longer (iv) as a five ...Very difficult to count the longer (iv) as a five wave sequence to end an a-b-c zigzag. Look that one over. Elliott_Traderhttps://www.blogger.com/profile/14941335198945083652noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-34880257243071827962017-09-14T09:09:24.798-04:002017-09-14T09:09:24.798-04:00Odds would be exceptionally low.Odds would be exceptionally low.Elliott_Traderhttps://www.blogger.com/profile/14941335198945083652noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-49029358298297296722017-09-14T04:17:58.815-04:002017-09-14T04:17:58.815-04:00TJ, just an observation following on from your ear...TJ, just an observation following on from your earlier dissertation about 'Cash' vs 'Out of Hours'. I'm looking at an hourly chart which includes 'Out of Hours' for the DJIA and on that one your red (iv) would end on Friday 8th rather than Tues 5th. That would take care of (iv) taking longer than (ii).<br /><br />Given that it is still hanging up there, there is a good chance it will finish above ((iii)).Purvezhttps://www.blogger.com/profile/04456688467634363810noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-74022950021740096702017-09-14T02:42:59.512-04:002017-09-14T02:42:59.512-04:00Thanks TJ. Why does it make you shake your head?Thanks TJ. Why does it make you shake your head?Vivehttps://www.blogger.com/profile/07776130319352177756noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-87069020410042138962017-09-13T19:32:14.073-04:002017-09-13T19:32:14.073-04:00No. Just the opposite. That's why it doesn'...No. Just the opposite. That's why it doesn't work when people try that pattern. That would be an expanding triangle. Please read The Elliott Wave Principle by Frost & Prechter.Elliott_Traderhttps://www.blogger.com/profile/14941335198945083652noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-62119238689658946112017-09-13T18:47:45.496-04:002017-09-13T18:47:45.496-04:00Doesn't (iv) need to be lower than (ii) for it...Doesn't (iv) need to be lower than (ii) for it to be considered a megaphone?Anonymousnoreply@blogger.com