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Extra info for A Mehanical Trading System
B A PTI Buy ÷ ñ Wave 4 Channels Stop ¤ The Wave Four channels are holding, confirming a good potential for a new rally. ¤ Buy on the cross of a trend line or DMA (Displaced Moving Average) with a stop below the Wave Four low. The target is to new highs above 1250. Software projections are shown with a -5- (with dashes on either side). ¤ This also sets up a Type Two sell (seen on next page). © 1998 39 Type Two Sell in March 94 Cocoa ¤ Chart A shows the end of a completed Wave Five Rally. ¤ The Elliott Oscillator shows clear divergence A B Sell ÷ ñ Previous Wave 4 Divergence ¤ Sell on the cross of a trend line or DMA (Displaced Moving Average) with a stop above the high.
1998 47 Identify Failed Fifth Waves (Double Top) The weekly chart of Apple Computer is shown below with software generated Elliott Wave Counts. Notice the Profit Taking Index (PTI) is at 14 (below 35). This indicates a potential for a Failed Fifth Wave, also known as a Double Top. Possible Double Top Profit Taking Index is at 14 (less than 35) ¤ When the Profit Taking Index (PTI) is less than 35, greater than normal profit taking is seen in the Wave Four. This leads to failed Fifth Waves and Double Tops (see next page).
The current Wave Four decline has a Profit Taking Index (PTI) of 30 (which is below the minimum requirement of 35). This again indicates greater than normal profit taking in the current decline. PTI Less Than 35 ¤ This usually leads to a Double Top or failed Fifth Wave high (see next page). © 1998 Double Tops (Failed Fifth Wave High) AMGEN (Weekly) ¤ With the Profit Taking Index at 30, when the market approaches the Wave Three high, the odds increase for a Failed Fifth Wave or a Double Top. Sell ÷ Double Top with PTI at 30 (below 35) ¤ Use the Displaced Moving Average (DMA) to enter a short position with a stop above the high.