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Elliot Wave Analysis

  • #481
  • Jun 12, 2018 12:39pm Jun 12, 2018 12:39pm
Stingfx. very fast down it's completely confusing now
  • #482
  • Jun 12, 2018 1:23pm Jun 12, 2018 1:23pm
indeed it is confusing. This fast down move has trashed my triangle pattern as it has gone down below my C wave of the triangle.
We just have to wait until a clearer picture is seen. EU seems very bearish now at least until 1.1714 as this is the 61.8 retrace of the last rally. I will however refrain from selling anymore and wait for a better opportunity. clearly this wants to go down a bit more and attract more retail sellers into the market and then a sudden rise will take all the stops and a lot of accounts as well . should wait and watch .
STING
  • #483
  • Jun 12, 2018 1:28pm Jun 12, 2018 1:28pm
On 1 hour there is a gartley pattern which could go down to the adr low at 1.1715. 61.8 of the last move is also close by at 1.1714.

My sincere advise is to wait and watch. not buying as well coz there is a good probability for a lot more downside.
Attached Image (click to enlarge)
Click to Enlarge Name: eu17.png Size: 39 KB
STING
  • #484
  • Jun 12, 2018 1:51pm Jun 12, 2018 1:51pm
Quoting stringfx
indeed it is confusing. This fast down move has trashed my triangle pattern as it has gone down below my C wave of the triangle. We just have to wait until a clearer picture is seen. EU seems very bearish now at least until 1.1714 as this is the 61.8 retrace of the last rally. I will however refrain from selling anymore and wait for a better opportunity. clearly this wants to go down a bit more and attract more retail sellers into the market and then a sudden rise will take all the stops and a lot of accounts as well . should wait and watch...
I agree with you. For DXY, I thought wave B just finished and wave C started last night (pacific time). The market now proves that I was wrong. I looks like that it has to retrace more before it will start the wave C to go down.
  • #485
  • Jun 12, 2018 1:57pm Jun 12, 2018 1:57pm
Stringfx. you are good at Harmonic patterns too. you are doing right thing.

PS: I think you got PM
  • #486
  • Jun 12, 2018 2:54pm Jun 12, 2018 2:54pm
Quoting MarketNewbie
{quote} I agree with you. For DXY, I thought wave B just finished and wave C started last night (pacific time). The market now proves that I was wrong. I looks like that it has to retrace more before it will start the wave C to go down.
Brother, there is no right and wrong in this market. you never know what will happen. we are all sitting ducks in the eyes of the market makers and the big banks. So all we can do is speculate with our limited technical knowledge and hope for the best. At least that's my opinion. Unless you have an account more than 100K, making a substantial amount of money in this market is a myth. just 2 cents from an old man.
STING
  • #487
  • Jun 12, 2018 3:39pm Jun 12, 2018 3:39pm
Quoting stringfx
{quote} Brother, there is no right and wrong in this market. you never know what will happen. we are all sitting ducks in the eyes of the market makers and the big banks. So all we can do is speculate with our limited technical knowledge and hope for the best. At least that's my opinion. Unless you have an account more than 100K, making a substantial amount of money in this market is a myth. just 2 cents from an old man.
Thank you so much!!! You r a very wise man!!!
  • #488
  • Jun 12, 2018 10:44pm Jun 12, 2018 10:44pm
This message is for those people who do not look at the economic calendar.
Today is a very important day. The day when the FED goes for an interest rate hike by .25 points. From 1.75 to 2.00.
Maybe it's already priced in but there will still be a lot of volatility during that time. It happens at 22:00 hrs GMT but the most volatility will be after 22:30 GMT when the press conference starts. The question and answers will set a direction to USD Index.

In our analysis so far, we have discussed that there is still room for eurusd to go down to maybe 61.8 or even 50% (this economic news could achieve it hopefully) refer earlier charts in this site. We also discussed that dollar index is core bearish (but they are raising rates) so what we can make out from this could be that there will be a good sharp spike during FOMC but that can be a fake spike and DXY can fall like a rock later on. so in this scenario, if you are trading eur/usd, i would suggest to wait until the dust settles and if you notice eur/usd going down, wait till the consolidation begins in your chart and then start buying EU small lots.

Yen has been weak in terms of strength this whole month, so in my opinion, usd/jpy would be a good buy until they declare the raised interest rate (upto 22:30 GMT). IF and when the dollar comes down (during the Q&A probably) exit the position.
Just my 2 cents. Here is a daily chart of usd/jpy
Attached Image(s) (click to enlarge)
Click to Enlarge Name: fomc.png Size: 9 KB
Click to Enlarge Name: uj1.png Size: 34 KB
STING
  • #489
  • Jun 12, 2018 11:21pm Jun 12, 2018 11:21pm
thanks

Attached Image (click to enlarge)
Click to Enlarge Name: 1z29.png Size: 25 KB
The Average Discount Everything
  • #490
  • Jun 13, 2018 1:26am Jun 13, 2018 1:26am
Sixer, if you are around, could you please post your latest eur/usd analysis. I guess he is on some island vacation with all the money made from forex...
STING
  • #491
  • Jun 13, 2018 4:17am Jun 13, 2018 4:17am
stringfx,

i had some problems with my provider ...

Use the DXY count from EWMI form the 8the of june to get the Big Picture - I favour the wave "W-X-Y" (red) as Flat (count 1).

Sixer
Attached Image (click to enlarge)
Click to Enlarge Name: EW-DXY(D)-8.6.18.png Size: 82 KB
  • #492
  • Jun 13, 2018 5:43am Jun 13, 2018 5:43am
Quoting Sixer
stringfx, i had some problems with my provider ... Use the DXY count from EWMI form the 8the of june to get the Big Picture - I favour the wave "W-X-Y" (red) as Flat (count 1). Sixer {image}
Hope you sorted out the ISP problems and thanks for your valuable input.
STING
  • #493
  • Jun 13, 2018 12:08pm Jun 13, 2018 12:08pm
I have found an EURUSD chart from the 11th for comparison with your own count.

Sixer
Attached Image (click to enlarge)
Click to Enlarge Name: EW-EURUSD(60)-11.6.18.jpg Size: 71 KB
  • #494
  • Jun 13, 2018 12:36pm Jun 13, 2018 12:36pm
A question for Sixer and stringfx. . . .

Look at a 4H S+P chart . and tell me if shorting at 2803 is reasobable or not . Now is at 2786 .

Regards,

  • #495
  • Jun 13, 2018 1:00pm Jun 13, 2018 1:00pm
Quoting F.g
A question for Sixer and stringfx. . . . Look at a 4H S+P chart . and tell me if shorting at 2803 is reasobable or not . Now is at 2786 . Regards,
I don't trade this instrument but it looks extremely bullish on my chart and i wouldn't do anything at the moment. Let the commotion and volatility subside . I recon it would go to 2937 with time. Just my 2 cents. Sixer would be in a better position to answer.
STING
  • #496
  • Jun 13, 2018 1:04pm Jun 13, 2018 1:04pm
Quoting Sixer
I have found an EURUSD chart from the 11th for comparison with your own count. Sixer {image}
Thanks a million for your chart sixer!
STING
  • #497
  • Jun 13, 2018 1:05pm Jun 13, 2018 1:05pm
The festivities have begun ....
STING
  • #498
  • Jun 13, 2018 1:46pm Jun 13, 2018 1:46pm
Stringfx, What's your target prediction of y wave in wxy?
Sixer, what's your target prediction of y wave in wxy?
  • #499
  • Jun 13, 2018 1:48pm Jun 13, 2018 1:48pm
Quoting EnrichWave
Stringfx, What's your target prediction of y wave in wxy? Sixer, what's your target prediction of y wave in wxy?
1.1714 first target. if broken,
1.1675 2nd target. if broken,
1.1636 3rd target.
STING
  • #500
  • Jun 13, 2018 2:00pm Jun 13, 2018 2:00pm
Quoting stringfx
{quote} 1.1714 first target. if broken, 1.1675 2nd target. if broken, 1.1636 3rd target.
Dude., Kindly explain that with Chart
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