Man Group

genti

Active member
152 0
HI,

[ANY IDEAS PLEASE WHERE MAN G IS GOING
 

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BlueChip Trader

Active member
165 4
Hi Genti, :p

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
 

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zambuck

Experienced member
1,608 102
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

Established member
841 3
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

Active member
165 4
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

Experienced member
1,608 102
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

Newbie
9 0
5 waves are impulse ( driving direction ) abc corrective, same up or down, thats why there are 13 different correction patterns and one impulse.
 

Helenqu

Established member
841 3
Zambuck,

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

zambuck

Experienced member
1,608 102
...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
 

dc10

Junior member
12 0
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)
 
 
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