Man Group

[genti]

HI,

[ANY IDEAS PLEASE WHERE MAN G IS GOING

 

[BlueChip Trader]

Hi Genti, 😛

Here's my personal view regarding EMG.

Having completed 5 EWs down, corrective wave C is now in progress. It may end here or at next resistance level around 1100.

All four indicators are showing overbought conditions, but none giving a SELL signal yet.

I'm looking forward to opening a SHORT position next week!

STOP: 1110
TARGET: 940 (GANN LINE 1x1 & 50% retracement)

I hope this helps.

Good Luck!

Zahid

 

[BlueChip Trader]

Here's Chart 2.

 

[zambuck]

Hi BlueChip Trader

Thanks for posting the charts...I am slightly puzzled about EW count on your chart 2, perhaps you can explain...

Is it not the case that in complete cycle of 5 motive waves which are numbered and corrective waves which are lettered, wave B should not be higher then wave 5 in above example?

In other words after motive wave 5 the corrective waves MUST be contained within 5 waves zone and should not exceed the zone of 5 waves?

If it does then is it considered as extension of 5th wave?

 

[Helenqu]

Hi Zambuck,

I'm also looking at this for a short next week. My reasons, Double top on CCI, and basically it's had a very good run for a while so has to fall back at some point. Looking for sub 1040 to go short.

 

[BlueChip Trader]

Hi Zambuck,

Your observations are correct but only in a bull market. Corrective waves are always counter to the main trend, in this case we're in a clear bear market. Therefore, in a bull market waves a and c are impulse and b corrective. In a bear market waves a and c are corrective and b an impulse.

I hope this clarifies the situation.

Regards,

 

[zambuck]

Hi BlueChip Trader

Thanks for the message..

having discussed this with friends about this I am even more confused...as most said that after wave 5 the revsersal must not be lower/higher than wave 5...!!!

Apparently after 5 impulse waves the following 3 are corrective and therefore must form on the reversal side...i.e lower than wave 5 in bullish market and higher than wave 5 in bearish market...This is what most of us thought that must happen for correct EW count....you have confirmed that in your post..

So is there any refrerence you can point where this is explained more..???? as no reference I have confrms with your explanation..I have been scouring everyting I have in my libarary...

 

[smtm_99]

5 waves are impulse ( driving direction ) abc corrective, same up or down, thats why there are 13 different correction patterns and one impulse.

 

[BlueChip Trader]

Hi zambuck,

Nice to hear from you again. 😛

The best reference source for EW that I can recommend is a book called "Elliot Wave Principle" by Frost & Prechter.

The book is beautifully summarized in 10 lessons at Robert Prechter's web site. Please follow the link below.

http://www.elliottwave.com/club/members/tutorial/default.htm

HTH

 

[Helenqu]

Zambuck,

We have lots of copies of Frost and Prechter to give away at the traders day (Courtesy TBS) 🙂

 

[BlueChip Trader]

Now isn't that great. Free book for the price of a ticket to Traders Day!

Helen, I believe you still have few tickets left.

 

[zambuck]

...many thanks for the link and offer of the book...

I have got a copy...however am still reading and learning so bear with me with awkward questions...

regards

 

[Helenqu]

Guys take a look at EMG tonight 🙂

 

[Helenqu]

Well broke up with a huge bang yesterday and I missed it 🙂 My ADVFN alert didn't go off 🙁

 

[dc10]

I'd buy and hold for the next two years. No real technical short term reason ... just, seem's like a well-run company to me ;o)

 

[dc10]

Latest funds launched raised over US$740m which shows good sales performance, etc.

 

[lockstock]

Read this thread when people were talking of shorting- had a look at EMG then & found it a strange decision. It looked like it was in a strong uptrend- was going to post but got side tracked.

The guys using Updata should be using their optimised averages-as you can see they gave a buy signal at £ 8.50.

My HO is that it will test the high of January2001 at c. £13.50, but watch for a pullback at the recent high £ 12.78

 

[dc10]

Interesting.

Man's now got $30bn assets under management and the funds continue to perform well. As have said before; can't see technical signals, just seems like a well run company and a good long term "buy and hold" bet - opinion, etc.