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This is a simple idea about a market Index pattern which was popular many years ago.
I just wanted to place here without going deeper into modern days technical analysis.
Do not take the graph I draw here seriously.
Many years ago, when there were no computers, we saw how they plotted price graphs on the 1mm graph sheets pasted on the walls around the broker houses.
In an upward movement or in a down trend, we were told to monitor 3 wave cycle to get an idea about a trend change.
Even now I think they call it the 'Elliott wave'.
Those days, 3 cycle study very popular because it was very easy to produce and study manually.
They expected a reversal of the major trend when the price index competes 3 cycles. Actually this is the 5 movements in the Elliott . To make it simple in the manually plotted paper we took it as 3 waves / jumps.
When I see the ASI from the start of the current trend I feel now we are reaching to the end of 3rd jump.
Any comment?
I just wanted to place here without going deeper into modern days technical analysis.
Do not take the graph I draw here seriously.
Many years ago, when there were no computers, we saw how they plotted price graphs on the 1mm graph sheets pasted on the walls around the broker houses.
In an upward movement or in a down trend, we were told to monitor 3 wave cycle to get an idea about a trend change.
Even now I think they call it the 'Elliott wave'.
Those days, 3 cycle study very popular because it was very easy to produce and study manually.
They expected a reversal of the major trend when the price index competes 3 cycles. Actually this is the 5 movements in the Elliott . To make it simple in the manually plotted paper we took it as 3 waves / jumps.
When I see the ASI from the start of the current trend I feel now we are reaching to the end of 3rd jump.
Any comment?
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