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The spouse is a long time student of Elliott Wave & W.D. Gann. She studied Elliott Wave in a classroom setting from Robert Prechter, when he was just beginning to teach the subject, about 30 years ago & has been a long time student of W.D. Gann. Primarily she uses both methods to trade stocks and hogs & cattle.
Elliott Wave is based upon a 5-wave count. Once completed, such as the peak of this market-there will be a downside 5-wave count, or a 3-wave correction count. DEPENDING UPON WHERE THIS BOTTOM OCCURS..It is possible to again set up for another 5 wave upside. However, they also have a,b,c minor waves & is where I throw my hands up in the air & tell her there is a chart room on every sunken ship in the ocean and go into my den and lock the door. I then try to ignore her for several hours.
Some day, if and when we can agree on something, I will have her hop on here and explain all of these lines, angles, speed lines, waves and etc.
We have the occasional heated disagreement about markets. We are competitive.
In addition, she is a day-trader. I am not.
Without going thru all of the complex waves & gann points, which admittedly drive me crazy, this past weekend, I asked her to evaluate the grains:
Keep in mind, markets are fluid and these objectives and buy points change periodically.
Here you go-
she has a good track record. However, she cautions because of the limit moves in MPLS and all of the inter-market spreading, the wheat is in a world of its own & does not have a lot of confidence in her wheat objectives.
March Wheat-Chicago
Looks toppy but may yet have one more run.
Objective $12.25 area
Soybeans-March
Objective-slightly above $15.00
November buy zone $11.90 to $12.45
Corn-March
Objective $6.00
Buy Zone –this area down to the $4.70 area.
Corn-December
Current area buy zone down to approximately $5.10
Once thru $5.49 next objective $6.25 area
Live Hogs-
December-$70 to 74 buy zone,
Thinks hogs are bottoming-but is cautious.
Live Cattle-
Thinks the buy zone is below $90
Feeder Cattle
Thinks the buy zone is below $95
General comments;
Crude present formation would suggest $70
Rice into the low $17 area
Doesn’t like the looks of the cotton market
I add, she also uses stop loss points but I do not have the time to list all of those.
Stock Market: Dow Jones needs to close above 13,250 very quickly or new low ground with a possible longer term objective of 10,000.
More later.
Edited by SeniorCitizen 2/12/2008 07:11
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Gann & Some Technical Talk
