Do Intraday Wave 4 OSC limits follow Daily limits?

[makeithappen]

According to Tom Josephs, Wave 4's 5,35 OSC cannot exceed 140% retracement on a Daily Chart. However, does such an OSC "pullback" rule also apply to *intraday* Wave 4's?

For example, if you look at the 15-min intraday chart of $INDU (Dow Industrials) for today (Feb 18), you'll notice that the Wave 4 OSC has definitely exceeded the 140% OSC rule. However, PTI is still above 35 (is at 64), so I wonder if the impulse wave is still in place.....or, will waves 1-3 be relabled as ABC?

Thanks in advance!

[MR]

Re: Do Intraday Wave 4 OSC limits follow Daily limits?

Yes, the 1.40 oscillator principle transcends time frame.
The .90 to 1.40 pullback rule applies for all time frames
where you are trying to establish a Type 1 setup....
the waves will not reliable to A-B-C until Wave 4 & 1 overlap,
and that could vary depending on what setting you have
in the Elliott Wave default overlap selection.

Originally posted by makeithappen
According to Tom Josephs, Wave 4's 5,35 OSC cannot exceed 140% retracement on a Daily Chart. However, does such an OSC "pullback" rule also apply to *intraday* Wave 4's?

For example, if you look at the 15-min intraday chart of $INDU (Dow Industrials) for today (Feb 18), you'll notice that the Wave 4 OSC has definitely exceeded the 140% OSC rule. However, PTI is still above 35 (is at 64), so I wonder if the impulse wave is still in place.....or, will waves 1-3 be relabled as ABC?

Thanks in advance!

[MR]

For those who are not sure what the 1.40 is we are talking about, attached is a quick example. This calculation has value
when trying to frame up a Type 1 setup.

[makeithappen]

Thanks Marcus!
Would you mind looking at the 5,35 OSC for today's Dow 15-minute chart? I show that the Wave4 OSC retraced 180%. However, the 60-min shows the Wave4 OSC hasn't even retraced 90% yet.

While I do understand that OSCs display differently in different timeframes, the 15-min impulse wave should now be invalid because its wave 4 retraced too far...right?

[geronimo]

Wave 4 Intact

Hi, I saw your post and it looks to me like the wave 4 is intact on the Dow, 15. See attachment.

[MR]

Hi, this is only a very 'quick look' since just walking in the office... but I am seeing the same picture as geronimo. It has attractive qualities and is certainly worth more attention at this time. I also cross-checked, loaded up $DJX and DIA, they match the pattern. I would have a strong interest in following up with these charts if I had time today.... Caveat: applying a MOB from previous Wave 4 and pivot high prior to could be used as a little guide of any current strength. If it is real strong it will bust easily through this MOB. Will try to follow up if can, but still have EBAY to work on for you... asap will do... marc