Merck & Time Counting Thoughts

6.11 - 2009,

Well, for this it´s good to end week and step away. Fridays tends to be more or less silent anyway as money has left from the building allready to spend weekend.

It´s time to look some passed charts. On last sunday 13 Dow Jones stocks and 21 QQQQ stocks had this same bullish pattern and none of them failed during the week instead gave their reversal boost. Posted a few of them like 3M and Honeywell week ago. Looks alike UsaCad then run it´s pattern now also - it was just thinking a few days first with the pivot line.

Chart below as Merck didn´t fail either. Not bad pattern, not at all. Posted now this one as it´s perfect in every matter when it comes to actual size of the waves.

I did study some EW time counting recently and unfortunately I have to agree what Pesavento, John Elder and number of other famous folks discovered long time ago allready. Theory have big holes and it´s all related for time counting. There´s very few time counting rules exist yet for EW and most of the EW analysts won´t use even existing one´s as everyone are focused more or less for price counting only, there´s lot of new things to be find out. Added existing EW time rules to left side bars also.

"when time is up prices must turn - W.D. Gann"

Enjoy your weekend.