waiting for a break of the lower side of the Andrew's Pitchfork.
Otherwise we may be headed higher
EG
Otherwise we may be headed higher
EG
Automatic Elliott Wave Counting & Analysis 10 replies
Can anyone help me with counting Elliott waves 1 reply
The Basics of Elliott Wave Theory 128 replies
Is there any website show the elliott counting? 8 replies
Elliott Wave Counting DJIA 0 replies
DislikedHey FxMt
We have an EW Count Difference on the 4h chart. While you have just an abc for the b wave inside the big wave B up, I have a flat and a triangle.
I am not saying that my count is better than yours but just trying to point out to the new ones here about this difference.
To be honest, I am still unclear and not so fully convinced with that complex wave labelling I did. I just feel and think that I am not breaking any EW Rules with this count. Unless someone could please point out to me here if I have violated any EW Rule I would appreciate hearing from someone who sees an EW Rule violation in my count.
I am currently up 93 pips on my demo account. but still a long way off from recovering from that loss I suffered after closing my 2 short trades on that last move up to 237.00 I exited those trades for a total of 272 pips.
Too bad I exited both at once. I was not too clear with my count on 32 and 33 yellow which promted me to decide to cut my losses.
So for now, I will be looking at what happens on the market open on Asian Monday.
Incidentally, I was just trying to check Potential wave 5 projection of the your wave c down or my potential wave 3 down using the fib projection/extention tool.
And what do I get here?.....
We see that wave 3 aqua is bery near the FE 161.8 level
When I use this tool to project wave 5, I would normally look for the FE 261.8 to FE 300.00 That is 232.46 - 231.62
On the otherhand, if my reversal stand holds, then my wave 3 projection is in the area of 230.97 - 229.13 Blue EW Labels 123
EGIgnored
DislikedHere is something to think about.
I was reviewing my guidelines and was looking at the limits for Wave C projection because up to now I can not "fix" the Aqua wave 4?
BAsed on the guideline a wave c which is more than 161.8% of wave is more likely to be in an impulsive pattern rather than in a corrective pattern.
This means that if this move down exceeds 230.97 (161.8% of wave A blue ) then this is more likely to be a wave 3 which would bring us tio the tthe target range of up to 229.13
We would then see a retracement of around 38.2% up.
So now I have 2 overlapping guidelines:
the Projection for wave c in a Zigzag wave 2 and
the Retracement limit for a Zigzag wave 2
The earliest signal will be the higher than 161.8% retracement which is that of going lower than 230.97
Butthe clearest signal that we are in the long term bear move is if price goes lower than 229.72
EGIgnored