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Elliot Wave Analysis

  • #221
  • Apr 3, 2018 1:26am Apr 3, 2018 1:26am
Quoting mavilakandy
Hello stringfx, Could you please let me know, in 1H chart of gold, how do you define the current wave ? Maybe it is not meeting EW criterias, still please look into the attached screenshot for view point, and you are requested to comment on this. Thanks {image}
I will post my chart later as I am not near my pc.
STING
  • #222
  • Apr 3, 2018 4:13am Apr 3, 2018 4:13am
Hi Mavilakandy,

Here is my view on short term gold.

On daily it looks like an ending expanding diagonal going on a C wave of wave 5. i want to believe that A and B wave are over. and hoping that this is a 5-3-5 wave and we are on the last leg of 5 waves.

dissecting the 5 waves, i get a 1-2 and subwave i and ii has been over and now it's on it's 3rd wave then there should be a shallow 4th wave and onto 14XX for the 5th wave. it will show a better structure when the 3rd wave completes. of course there will be a deeper 4th wave once these 5 waves completes and then again a 5th wave. hope i am not confusing you.
Attached Image (click to enlarge)
Click to Enlarge Name: gold 101.png Size: 151 KB
STING
  • #223
  • Apr 3, 2018 4:24am Apr 3, 2018 4:24am
Hi, StringFX, we (professionals ) use same broker

Can you please check out these 2 scenarios as well and let me know your opinion on them?

Gold, Daily:

Attached Image (click to enlarge)
Click to Enlarge Name: goldS1.JPG Size: 61 KB


Attached Image (click to enlarge)
Click to Enlarge Name: goldS2.JPG Size: 79 KB
We can't control the sea, but we can learn how to surf the waves.
  • #224
  • Apr 3, 2018 4:32am Apr 3, 2018 4:32am
Quoting stringfx
Hi Mavilakandy, Here is my view on short term gold. On daily it looks like an ending expanding diagonal going on a C wave of wave 5. i want to believe that A and B wave are over. and hoping that this is a 5-3-5 wave and we are on the last leg of 5 waves. dissecting the 5 waves, i get a 1-2 and subwave i and ii has been over and now it's on it's 3rd wave then there should be a shallow 4th wave and onto 14XX for the 5th wave. it will show a better structure when the 3rd wave completes. of course there will be a deeper 4th wave once these 5 waves completes...
Hello stringfx,
Thanks for your detailed chart. But it is a bit tough for me to understand.
Again, thanks for your response.
  • #225
  • Apr 3, 2018 5:01am Apr 3, 2018 5:01am
Quoting aariapoor
Hi, StringFX, we (professionals ) use same broker Can you please check out these 2 scenarios as well and let me know your opinion on them? Gold, Daily: {image} {image}
Aariapoor, i am of the same opinion . I favor your first chart. here the C wave is an expanding diagonal and hopefully might end at 1450. this is the same length of the A wave. It might go up a little more depending on the structure of the internal wave formations.

The second scenario is the alternate count which is core bearish and will not stop at that trendline you have shown. i am expecting a wave 5 down as the A wave in your chart would be the 4th wave completion and this rise would be the second wave up and will be waiting for a 3rd wave down.

2nd scenario (bearish count is in the chart... ) Low probability
Attached Image (click to enlarge)
Click to Enlarge Name: gold week.png Size: 37 KB
STING
  • #226
  • Apr 3, 2018 5:08am Apr 3, 2018 5:08am
Quoting mavilakandy
{quote} Hello stringfx, Thanks for your detailed chart. But it is a bit tough for me to understand. Again, thanks for your response.
I am sorry about that . I also thought that i am confusing you.

If you get a book called " Five waves to financial freedom " by Ramki Ramakrishnan. Please read it about 10 times. He has laid down the waves theory in a simple layman's language. i think you will understand it pretty well. practice the waves and you should be ok.
STING
  • #227
  • Apr 3, 2018 5:25am Apr 3, 2018 5:25am
Quoting stringfx
{quote} I am sorry about that . I also thought that i am confusing you. If you get a book called " Five waves to financial freedom " by Ramki Ramakrishnan. Please read it about 10 times. He has laid down the waves theory in a simple layman's language. i think you will understand it pretty well. practice the waves and you should be ok.
Thanks, I was running out of books, recently couldn't find any good one, hope this satisfy my thirst
We can't control the sea, but we can learn how to surf the waves.
  • #228
  • Apr 3, 2018 11:20am Apr 3, 2018 11:20am
You can add the Tiedje book to your studying lecture too:

https://www.amazon.de/Elliott-Wellen.../dp/3898795039

Sixer
  • #229
  • Apr 3, 2018 11:33am Apr 3, 2018 11:33am
Sixer, thanks for the info ... Is it available in english? looks german to me.
STING
  • #230
  • Apr 3, 2018 11:41am Apr 3, 2018 11:41am
Lets look at eur/usd .

EU has done a good move done as expected. This chart is quite important for me so i am sharing it. Assuming that the fifth major wave is done at 1.2556 (it's still not confirmed as it has not moved below the low of that swing). assuming the first wave is done and also the abc correction to the 2nd wave, then we can expect a substantial move down to FE 100 at 1.2073. there might be a temporary stop at 61.8 (1.2227). Next post i will post a shorter term chart
Attached Image (click to enlarge)
Click to Enlarge Name: EU1000.png Size: 37 KB
STING
  • #231
  • Edited 12:11pm Apr 3, 2018 11:57am | Edited 12:11pm
on a shorter time frame, from the top, i believe 4 waves are done and we are on the 5th minor wave . In this 5 th wave, we are on it's 3rd wave (as shown in chart). Hopefully, it will complete this minor wave 3 by 1.2233 (161.8) can go lower as well. at least it might do 1.2233 in my opinion. then a 4th wave to fe 100 1.2272 and then a final drop to complete wave 5 of 5 to either 1.2208 or 1.2169 (i prefer the latter). here is a chart
Attached Image (click to enlarge)
Click to Enlarge Name: eu2000.png Size: 51 KB
STING
  • #232
  • Apr 3, 2018 12:11pm Apr 3, 2018 12:11pm
short term chart of us index.

I believe that we are on 5th wave of 3 as shown in chart. this should hopefully continue to 90.13 at least which will be 61.8 (may go higher). then it can move lower to 4th wave and then again a rally for 5th. The below chart is my assumption. Hopefully the big bad boys will not intervene and screw it up
Attached Image (click to enlarge)
Click to Enlarge Name: dxy short term.png Size: 35 KB
STING
  • #233
  • Apr 3, 2018 12:13pm Apr 3, 2018 12:13pm
in the case of eurusd. the average daily range is already done for the day but i am hoping it will continue down a bit more.
STING
  • #234
  • Apr 3, 2018 12:20pm Apr 3, 2018 12:20pm
Quoting stringfx
Lets look at eur/usd . EU has done a good move done as expected. This chart is quite important for me so i am sharing it. Assuming that the fifth major wave is done at 1.2556 (it's still not confirmed as it has not moved below the low of that swing). assuming the first wave is done and also the abc correction to the 2nd wave, then we can expect a substantial move down to FE 100 at 1.2073. there might be a temporary stop at 61.8 (1.2227). Next post i will post a shorter term chart {image}
we are in tight range with euro. tomm is the nfp and how this going to play out
  • #235
  • Apr 3, 2018 12:24pm Apr 3, 2018 12:24pm
USD/CAD short term.

in this pair, i believe we are on a 4th minor wave down.it should start it's 5th wave up very soon. The invalidation for this minor wave is 1.2755 as this will cross minor wave 1. the retracement has already done a 61.8 so i am hoping for a rally soon in this pair. else my count is wrong.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad shortterm1.png Size: 46 KB
STING
  • #236
  • Apr 3, 2018 12:26pm Apr 3, 2018 12:26pm
Quoting greengp
{quote} we are in tight range with euro. tomm is the nfp and how this going to play out
nfp is on friday. tommorrow is adp.
i am hoping for a better number for US and EU should drop down further. please check the chart above for eur/usd. I am only giving my honest views on an EW point of view.

you can say EU is in tight range only on daily and above timeframe. on hourly it's trending
STING
  • #237
  • Apr 3, 2018 12:53pm Apr 3, 2018 12:53pm
Quoting stringfx
{quote} I am sorry about that . I also thought that i am confusing you. If you get a book called " Five waves to financial freedom " by Ramki Ramakrishnan. Please read it about 10 times. He has laid down the waves theory in a simple layman's language. i think you will understand it pretty well. practice the waves and you should be ok.
Hello Sting,
Thanks for your response. I will try to get the book suggested by you.
  • #238
  • Apr 3, 2018 1:45pm Apr 3, 2018 1:45pm
Quoting stringfx
{quote} nfp is on friday. tommorrow is adp. i am hoping for a better number for US and EU should drop down further. please check the chart above for eur/usd. I am only giving my honest views on an EW point of view. you can say EU is in tight range only on daily and above timeframe. on hourly it's trending
thanks for that but are we going to be in to be in 1.21538 zone
  • #239
  • Apr 3, 2018 3:09pm Apr 3, 2018 3:09pm
Quoting greengp
{quote} thanks for that but are we going to be in to be in 1.21538 zone
i most certainly hope so. My opinion of EW says it, although we all know it is not going to go there in a straight line. i would sell putting a hard stoploss of how much i can afford to lose and put a tp of 1.2175. My SL would be 1.2307
STING
  • #240
  • Apr 3, 2018 11:02pm Apr 3, 2018 11:02pm
eurusd short term.

was expecting a little more down but that didn't happen. Now going up on wave 4 to 38.2 or even 50% (1.2337) and then down again for the 5th wave.
Attached Image (click to enlarge)
Click to Enlarge Name: eu01.png Size: 30 KB
STING
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