Comments on: XLE Energy Gaps through Key Support

By: Corey Rosenbloom

Corey Rosenbloom — Tue, 21 Apr 2009 17:07:28 +0000

Vasu,

Thank you for sharing your insights.

I don’t check P&F charts as much as I should.

By: Corey Rosenbloom

Corey Rosenbloom — Tue, 21 Apr 2009 17:01:37 +0000

Naveen,

It’s not the fastest way, but probably the best way to learn Elliott is to read Frost/Prechter’s “Elliott Wave Principle” book or Glenn Neely’s Elliott Book.

By: Corey Rosenbloom

Corey Rosenbloom — Tue, 21 Apr 2009 16:57:25 +0000

Joe,

That’s indeed possible.

Generally, triangles occur prior to terminal waves, meaning most frequently in W4 or WB – from what I can tell, they rarely occur in W2s.

But if this is wave 2, it has a little room to run down before violating the “Wave 2 cannot retrace 100% of Wave 1″ rule.

By: Vasu

Vasu — Tue, 21 Apr 2009 15:54:51 +0000

Cory :
In point and figure analysis XLE is on lesser relative strength when compared to SPY ( a column of O’s) and in the verge of breaking into sell signal… The crude oil USO relative strength compared wrt the market SPY is already on a sell signal

By: Vasu

Vasu — Tue, 21 Apr 2009 15:36:10 +0000

Cory :
In point and figure analysis XLE is on lesser relative strength when compared to SPY ( a column of O’s) and in the verge of breaking into sell signal…

By: naveen

naveen — Tue, 21 Apr 2009 14:47:29 +0000

hey guys,
its wonderful to see and learn through u guys !! wish and would be thankful if any one of u would care to teach me these lessons on elliot waves in person . i am in bangalore india. my email id is naveenkumar1977@gmail.com and ph.no. 09845011001.or atleast we could discuss on;line.

By: Joe

Joe — Tue, 21 Apr 2009 12:35:01 +0000

Good points Corey. Was looking at it from a different angle. Elliot Wave 2 pull back but triangulated which could then consolidate some more creating a larger triangle and break out to the upside in a third wave. If in fact a first wave was completed. Wave 2’s up and down can be consolidating sometimes and when they are wave 4’s tend not to be.

By: Corey Rosenbloom

Corey Rosenbloom — Tue, 21 Apr 2009 02:48:55 +0000

Terry,

Good point. Crude has had an impressive run off its lows and Rounded Reversal already.

By: terry

terry — Tue, 21 Apr 2009 02:15:41 +0000

Oil was one of the first to break out as well.
It started over two weeks before the financials and S&P.

By: Corey Rosenbloom

Corey Rosenbloom — Tue, 21 Apr 2009 02:13:43 +0000

Anon,

It’s possible but based on the Price Expansion/Contraction principle, after we see a move out of consolidation, it tends to be a momentum/trend move which is not required to test the breakout zone.