daily forecast

Hi Fxpars,

If you look at your count for the Gbp/Usd, there are 5 waves down from your (iv) point to your B point, which I have marked as 5. Therefore, we should either still be in wave B or entering wave C of the correction.

Yentastic,

Spoken by someone who has limited understanding of wave theory. The principles remain, irrespective of the state of the market. That being said, use whatever method you are comfortable with.

its funny how forex factory is getting more and more forex signal and forecast providers by the day.

funnier still is the use of elliott's wave on a 1 hour chart

Elliott Wave is fractal by nature. It can be used on any timeframe.

On your lower degree labelling, wave v should be wave 3 of v, as it breaks down nicely into 5 subwaves...then the flat works well as wave 4 of v...finally wave 5 of v is an ending diagonal.

dear gmohata

please see Q&A With Bob Prechter in www.elliottwave.com
http://www.elliottwave.com/club/protected/classic_articles/q_and_a.aspx

What is the Wave Principle?

The Wave Principle is, first and foremost, a detailed description of how markets behave. Now, there’s probably more that is not in that sentence than is in that sentence. For instance, a detailed description of how markets behave does not refer to what outside events are occurring, such as in the fields of economics, politics, or social trends. It’s strictly a study of how human beings behave collectively in the trading arena.

What specifically did Elliott discover?

Elliott’s most important discovery was that the patterns that develop in the stock market occur at all degrees of trend. The larger patterns are made up of components that are themselves composed of smaller ones. The same patterns on a smaller scale combine to create any one of those patterns on a larger scale. The larger pattern will combine with several others of the same degree to create an even larger pattern and so on. He described in detail exactly what those patterns look like. He identified 13 of them. Only recently has data been available for general stock prices back to the late 1700s, and the patterns are there as well.

How did he label the “degrees” of trend?

Elliott began by naming a particular structure with an arbitrary label, Primary degree, a term borrowed from Dow Theory. The next larger degree he called Cycle, and the next larger Supercycle. The lower degrees he named Intermediate, Minor, and so on. We therefore have a way to refer to the degrees of trend that we are talking about.


Elliott Wave analysis can be applied to any time frame. Whether you are a momentum, day, or swing trader, you can use Elliott Wave theory to come up with high probability setups. The reason is that you can see the same repetitive patterns as described in Elliott Wave Theory in any time frame - in the daily chart, 4-hour chart, 1-hour chart, 15-minute chart, 5-minute chart and 1-minute chart.

thanks pipeye
is your idea this impulse downtrend ?
http://i41.tinypic.com/b67ngn.png

look for wave 5 . it is three wave and haven,t guideline for wave 5 structure .
anyway if price break 1.3830 and 1.3975 i change my label

my labeling in lower degree is :
http://i43.tinypic.com/ok8s9h.png

Pin your hopes on waves in this market is mad e/u is up not down forget waves scalp the market its the only safe way right now