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Come to the dark side wave.
When is the wave considered to have turned?
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Pepe le Pip
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January 29, 2014 - 03:49
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Hello Theo,

On page 33 of the e-book, you write, "Shorter-term waves being used to confirm the turn of Longer-term waves." Is the larger term/scale wave only considered potentially turned until such time as it reaches its relative magnitude objective, ie, the wave has reached a magnitude comparable to other waves of the same scale, or is it considered turned when the market structure (3PT, Trend Continuation Wave, etc.) has played out?

The reason I ask is because the '3PT' and later the 'Trend Continuation Wave' is being played against the previous large scale down wave. When the wave is classified as 'turned', then the trade structures will be considered in sync' with the trend and you could then be justified in shooting for a more ambitious profit objective.

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Pepe.

Without you (price action), I am not worth a [s]cent.

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Theo Patsios
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January 29, 2014 - 05:33
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Hey Pepe,

The 3PT and the trend continuation patterns make the turn of the longer term wave extremely probable, since you want to trade the longer term wave then waiting for it to move a relative amount would mean being too late. You want to use the price action of the shorter term wave to enable you to predict the turn of the longer term wave before it happens.

So in short; I consider the swing you have marked out as 'most probably turned' on the shorter term 3PT, in this game of tipping probability in your favor it is an amount of evidence that I feel sufficient enough to assume the longer term waves turn.

Theo

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