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Monday, January 18, 2016

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26-11-2015 INVaLID

Assuming W4 ended at 2.39. minor 1 peaked at 2.70. minor 2 is in process now! A close below 2.40 will need to recount!

24-11-2015

Price need to close above 2.70 for W5 to process

26-10-2015 Daily Chart

Price broke above 50MA. if the price manage to stay above 50ma and trend higher, wave 4 might be ending and wave 5 might be started. Price retrace 61.8% from RM 3.50 and holding there.

For educational reference only :-

Posted on 16-8-2015

ANSWER:

In 1990, when I released Mastering Elliott Wave (MEW), that was also my assumption. The statements in MEW were derived from 7 years of personal experience trading, forecasting markets and teaching Wave analysis. At the time of MEW's release, I had only witnessed one bull market and the start of one bear market; so, my market experience was limited. During the 25 years following its release, I've discovered neutral Triangles, 3rd-extension Terminals, Diametrics and Symmetrical patterns. All those new Wave phenomenon are explained in the Education section of the new NEoWave website - https://www.neowave.com/product-book.asp).

What I've come to realize, over 32 years, is that legs of a Triangle (if enough complexity is present) tend to mimic the behavior of the Triangle itself. So, if a Triangle is contracting, its last leg frequently contracts. If a neutral Triangle is forming, the c-wave or the e-wave has a strong tendency to produce a neutral Triangle. If an expanding Triangle is forming, wave-e has a propensity to form an expanding Triangle.

As an important end note, if your chart contains so much complexity that you can see a smaller Triangle form as wave-a of the larger Triangle, then your chart is TOO complex and must be simplified to avoid the subjectivity that comes with high structural complexity