The following chart illustrates the Elliott Wave Analysis of S&P500 index presented by Ramki Ramakrishnan in his Forbes column on 27 August 2012.
Elliott Wave Analysis of SnP500 index
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Greetings Mr. Ramakrishnan,
I appreciate and respect your insights to wave theory. I enjoyed reading your book (5-waves…) and learned a great deal, even after several years of study of wave theory. One point troubles me about the recent wave count describing an expanding flat. My understanding is that wave-A in a flat, regular or irregular, always has three subwaves, not five. That is, a flat is always 3-3-5. Yet the count in wave-A appears to fit a 5-wave impulse. Can you please comment on that? Much thanks.
Sargon Zia
Hi Sargon, Thank you for writing and I am glad you asked that question. If you look at my prior post on Forbes, I too had labelled that as wave A with 5 sub waves. But I changed my mind somewhere in between, and actually posted a chart on this blog (pulled it off later) saying that it will appear in my next book. There I said the wave A is probably a 3 wave downmove, and therefore I will look for a retest of the highs. Remember that the right way to use EWP is not to showcase one is right about counting, but to profit from it. This approach allows one to change his count without vioalting the overall view. Good luck.