Lord Forex
- #8,743
- Dec 7, 2017 2:45am Dec 7, 2017 2:45am
{quote} Nikkei is a tough index for putting a wave count on. Likely weekly scenario - {image} It's probably a retracement (correction) of last two months rapid advance, while corrections usually come in three waves a-b-c. Hard to tell how deep wave moves, but the correction eventually retraces towards 20700s. {image}
- #8,744
- Edited 4:07am Dec 7, 2017 3:49am | Edited 4:07am
- Joined Feb 2014 | Status: Trader | 1,796 Posts
{quote} Can you do an update but on a lower time frame please, on NIKKEI, I am short once again and want a different perspective to take a decision, once more, please? {image}
While one thing is sure on the Daily that it's a straight impulse wave from April 2017 low, with an extended 5th, presently retracing on wave c of correction [4].
This wave c is most likely an expanded diagonal, since minor wave count of wave 1 orange is corrective.
A closer look on H1 could go like this - wave c eventually heading towards 0.6182 x [3]: (although the chart I'm using is different to yours)
All the best to your trading!
Elliott Wave for optimum entry, exit and risk management of trades
- #8,752
- Edited 11:49am Jan 31, 2018 11:26am | Edited 11:49am
- | Joined Mar 2014 | Status: Trader | 1,798 Posts
- #8,753
- Jan 31, 2018 11:35am Jan 31, 2018 11:35am
- | Joined Mar 2014 | Status: Trader | 1,798 Posts
I have a question in which I hope somebody can be kind enough to give an opinion on. Do you think the A-B base mentioned by Elliot in his book Nature's Law is relevant to the Elliot Wave theory? Why do you think Mr. Prechter disregarded this rule?
"According to Robert Prechter and A. J. Frost “Elliott invented this pattern during a period in which he was trying to force the pattern… Indeed it is clear that if such a pattern, if it existed, would have the effect of flatly invalidating the Wave Principle. The authors (Precheter & Frost) have never seen an “A-B base”, and have every reason to believe that it cannot exist. "
{quote} Because Prechter thinks this pattern is bogus.
- #8,758
- Edited 4:34am Feb 28, 2018 4:19am | Edited 4:34am
- | Joined Mar 2014 | Status: Trader | 1,798 Posts
EURUSD traded a few pips below 1.2204 a few minutes ago so imo that killed all bullish scenario's (extension of wave 5) so I reckon that 1.2555 is the top of the move from 1.03 and we're going slowly back to 1.1550 (Dollar index 95) but this is a long term target. Agreed ?
