A popular Elliott Wave count in QQQs is a cycle abc correction since 2009 and many have seen the apparent symmetry in waves a and c. Within the waves a and c are sections that seem to mirror one another on each side of the b wave. Here's a chart with the EW noted (please forgive the non compliant EW notation).
Look at the two time measurements of the top of the chart that indicate wave a is at 973 calendar days and wave c is at 968 calendar days. Not equal as of the date which I have been touting as "the" top.
But calendar days includes Saturdays and Sundays during which the market is not traded. What would a = c look like if a Friday or Monday were to be considered earlier or later....after all, a print on Friday could be argued to exist as of Saturday or as of Sunday. Time doesn't stop on weekends. So, can we artfully make the a = c look a bit closer to equal? Here's my best effort:
975 calendar days versus 972 calendar days. Pretty close. Let's see what other easily possibilities for symmetry or mirroring might exist in QQQs. How about the Mirror 1 identified on the chart. Here is "actual" and "adjusted" calendar days for those segments pictured as "Mirror 1" in the chart:
Pre adjustment 1.5237, not so good. After adjustment you have 1.5989....pretty darn close to one of the first Fibonacci iterations of Phi or 1.6000.
Now for the money shot. Look at the mirror 2 at the far left and far right of the chart above. They look like the price inversion of one another. Let's see if we can make Phi sense out of the calendar days. Again, the actual / adjustment table:
Now that's cool. Before adjustment 1.6531 after adjustment for Saturdays and Sundays very close to an advanced iteration of Phi, 1.6144. Really close.
I've done this before with the 2000 top and QQQs plausibly showing that the left side of the 2000 top was replayed in fast motion on the right. We're in slow motion right now but, if the above credibly suggests the proximity of "the" top (whether Friday or this week), then a re read of that previous essay might be warranted. Its at:
http://markettimeandpricetownhall.blogspot.com/2014/05/the-2000-top-in-qqqs-price-time-areas.html
Jim
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.