Working with Impulse Waves in Strong Trends
Figure 2.5 is a market decline in the S&P 500. Many people have the misunderstanding that extending five-wave patterns are much easier to label than corrective waves. This is rarely the case. These moves that just keep going can be very tricky. Experience has shown there are a few unorthodox ways to handle these strong trends.
The first thing to do with them is to start your wave interpretation in the middle of the strongest segment. I can picture many expressions right now as I see the shock often. Our objective is to stay in sync and develop a sense of where we are within a bigger developing picture. Our livelihood depends on being right more often than wrong on the far right hand side of the chart. ...
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