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Old 04-04-2009, 11:39 PM
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Another aspect can be considered from EW ,that is whether the present ongoing movement is 'Impulse' in nature or 'Corrective' in nature ? Becoz then we can select the tools to be used.

An example :=

Presently in EoD NF is in 'Corrective' mode (corrective does not neccessarily in EW terms means Price will go DOWN only) rather it is Correcting the earlier Higher Down Impulse move.When we know that this is Corrective in nature we just put either a 'Standard Error' band on the chart OR a 'Regression Channel',when Price closes below that channel the next phase will start.It becomes very easy then to stay with the Up move and defined Stop.

Last edited by uasish; 04-04-2009 at 11:41 PM.
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