Thursday, April 30, 2009

A better count?

Well, one of the nice things about putting this out in a public forum is the opportunity to get other view points. I received a comment from Bob C. about a cleaner 5 wave count. Now that the structure appears complete, I was able to look back at everything and guess what. I did see a count that was a clean 5 wave count. So here it is.

Thanks Bob!


  1. Hi Rich,

    Not anymore for a year. Now I am trading ES on my own full time.

    I have been following Bryce since 1999. In my opinion he is the best teacher you could have. Yet there is a problem to newcomers that is he is semi-retired now.

    Buy and read his books, Price Action Course first. You find out if you want to follow him.

    Here are some charts I captured after yesterday close for your info.


  2. Get inspiration from Bob, I think the extended 1st wave may be end on Mar 18 and the 2nd wave end on Mar 30 as a running flat corrective. The 4th wave from Apr 17 to Apr 21 seems as a single wave and alternated with 2nd. The 5th wave is a ending diagonal triangle which only takes a role in 5th wave. Others,the length of 1st wave =0.618 of whole A wave as showed on

  3. Frank, I like it except I would like how you count your subdivisions in wave 3. I'm not sure you get there w/o breaking a rule. But in the end, we have the same larger waves, I just count my wave 2 as a spike and a running flat for my subdivided wave 2.

    Rich...take a look at his 2nd chart called..
    "What would a P2 50% correction look like?

  5. RT - I'll take a look at his book. Right now I'm working with the ATW (Advanced Trading Workshop) and learning tons about daytrading.

    Kidflare - interesting site. For some reason I have a hard time believing that this countertrend rally would be stronger than the w1 down, which is what he is implying. Even the w1 down took plenty of breathers every 6-8 wks.

  6. Hi Rich, Wave 3 can be counted in this way:from 777.94(Mar 30)--807.84--788.76--842.19--814.53--875.63. Your running flat is not at same level as wave 2 or wave 4. In coming days, I guess the period low is 857.53 or 843.72 at 2pm May5.

  7. Thanks Rich, I have one more way of counting this persistent wave. Here's a link

    Thank you for your daily posts. I always look forward to seeing want you and Pedram have to say for backup.

  8. Bob,

    I just checked out your alt count. Unfortunately, you would have overlapping waves within a 3rd wave, which definitely is not allowed.

    Thanks for your comments. I'm looking forward to a drop on Monday, but if not, then I'll likely be covering and waiting for a better entry.

  9. Thanks for catching that overlap. I'm glad I can put that scenario to rest!

  10. I thought I saw what you were talking about, but after checking I think I misunderstood.

    Would you please tell me what is overlapping?

  11. Bob, the price action of wave 4 is not allowed to overlap the price action of wave 1 unless you are in an ending diaganol. And an ED can only occur in the wave 5/C positions.

  12. Hey you're good! Even after you told me what to look for I did not see those spikes coming down from the bottom of the candles.

    Thank you for taking the time to help me with this.