Failed EW Count
EG
EG
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Dislikedif price goes higher than 235.11, then again, EW count I made needs to be re assessed.
A resumption of the carry trades will only be in effect if price goes higher than 235.85
But if the wave 2 limit at 235.11 holds, then resumption of the unwinding of carry trades will continue to be a POSSIBILITY.
I say "A POSSIBILITY" because the main confirmation will only be after the fact.
... cut cut ...
But as an Intraday Trader, I need to study Trendline Breaks, Pivots, Support and Resistance, Candlestick Patterns, Chart Patterns and Harmonic Patterns.
I still think that technical analysis as shared and taught in Auslanco's thread is excellent with what are shared by Auslanco, HM, Zoran, Karmo and M2B. A very Powerful Pack for an Intraday Trader
EGIgnored
DislikedThanks for posting, i am total a stranger here and i wish to become a member of elliot waves and i dont know how to go about it. I really need your help and if u dont mind this is my id and i will like to know how to download elliotwaves and how to make use of it.Ignored
DislikedIgnored
DislikedSwissy worth going long with risk of 50 pips..........here is my chart & we r in wave 3 i believe.....Ignored
DislikedGlad to see you posting your counts again money. keep them coming.
I have a question re your chart. I am missing something on your wave B Black on the lower right corner of your chart.
Your wave 2 is lower than your wave 1 origin. If you think usdjpy in your chart is on an uptrend, then wave 2 must not go lower than wave 1 red origin.
EGIgnored
DislikedHello EG,
tnx for helping me on Elliot Wave, couse i know that together we know a lot more. You said that there is somethnig missing on wave B-black. Maybe you thought that are missing 1,2,3,4,5, that i writte down in new picture. I also changed my pattern a-b-c (i change it, couse trend line was not broken) from wave 5 in B-black, to the wave 1 of the Big wave 2. And now the small wave 2 from 2 is not lower,than B-black if you thought this.
new picture,----------------------------------tnx againIgnored
DislikedHi EG,
I have been working hard to learn EW counts. I just finished my first read through the "Elliott Wave Principle" by Frost & Prechter, and now I'm applying what I know so far. Getting the counts right for extended waves, etc. is rather tricky.
***very true.
As the joke goes, if you put 12 EW traders in a room, you'll get 13 possible EW counts... No doubt there is some subjectivity to it, but the closest true count would be one that meets the most rules.
***I agree.
I've put a lot of thought into the last 4 years of GJ and would appreciate any feedback. Have I followed the rules? Is my scenario plausible? I say were in a big C-wave down now, which usually subdivides into a 5-count wave. My 1st target is 213.50, 2nd less likely target is as low as ~206. Yes, those are big falls from here, but considering the big challenges facing the USD and subprime mess, I believe it could happen.
***You could probably be right while I could be wrong about this. Your current wave 5 up which is the 251.07 high on my chart is just my wave 3.
I will explain further below after this post.
Since UJ usually closely follows GJ, I suspect I will find somewhat similar EW counts but I haven't tackled that yet.
***Yes I have noticed a similarity or a kind of correlation between them. But I have not done a thorough comparison yet.
I did a previous count for GU which suggested it may have peaked in July and now it's ready for a big move down, but I did that before I read the book. If GU is about to go down, that adds weight to GJ falling also.
***If I remember my counts on GU too before, I believe I have just also considered the previous 2.0652 as top of my wave 3.
Please comment... and thanks in advance.
Pips4lifeIgnored
DislikedHey money.
When I said I was missing, I actually meant I could not understand or I felt it did not fit into the rules so Maybe I was wrong or I was missing or not seeing something you were seeing and that is why you labelled it that way.
Sorry for getting you confused with my english.
But to go back to that B wave of yours,
This is only assumming that your current count direction is correct..... (coz my mind has somehow blocked off making counts for other pairs as detailed as I do on the gbpjpy (which I assume that my count could still be full of mistakes )
a B wave is a corrective wave so it is normally in a 3 wave subdivision. 12345 labels are for impulse or motive waves that follow 3 basic rules ( wave 2 does not go beyond wave 1 origin, wave 3 is never the shortest among waves 1 3 and 5. and lastly that wave 4 does not go beyond wave 1 end or into the wave 2 price territory.)
So your wave B must be divided into 3 waves only not 5.
A corrective wave that is subdivided into 5 waves needs to be a triangle:
Diagonal (A) 53535
Diagonal (C) 33333
Symmetrical - Contracting (B)
Symmetrical - Expanding (B)
I hope this helps.
EG
PS.
Offhand, your 12345 inside your black wave A could be right. but you should put the end of your magenta zigzag on your wave 5 end and not on your red 2 of your "B" Black.
then you could probably have a small "a" red instead of the small 3 red, then a small b red instead of a small 4 red. and your small 5 red change to small c red. For your Black Wave B.
On the other hand your 12345 could also be correct but this could be the smal " A" wave instead of that "B" Black wave on your chart.
as you can see , your x is lower than your current smal wave 5 red. So we can not make your current black wave B stand or be valid as a Wave B end. Otherwise the beginning of your wave c will not be valid.
So I propose that your current Black B wave to be changed to Wave "A" followed by zigzag abc for your new Wave B black. then yur "x" as the wave 1 in your wave c down.
If it gets more confusing for you , please disregard....Ignored
DislikedEG tnx again, but after all i am only 23 years old so i have lot of time to teach EW counts better and better. And you help me with that!!!
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