Elliott Wave Counting with EG

Attached is how Cable is seen using Multiple Tools and how I see it using EW Theory.

ALL Messed Up or You can call me a Lunatic. But isn't it just amazing to see how multiple tools somehow blend to show "POTENTIAL" map of how Cable would look like in the coming days? and that includes EW.

EG

Here is the Chart without the Gartley. It some how hid the view of most of the counts.

The Vertical Lines are Cycle Lines which is a tool in the MT4 Platform too. Trying to incorporate Cycle and Pattern into the Analysis.

What is probably missing now is the Gann Component. Fibonacci is actually part of the overall "Mess". ) for Price and Time.

Let us see who gets crazy first.

hmmm... Now I noticed that I missed Trendlines, Support and Resistance Lines and even the Andrew's Pitchfork. Then probably by then..... one will never have enough time to check on it all.

EG

It is agreed that we have reached the end of Big Wave 5.3 and now in a Wave 5.4 Corrective Wave.

Basic Guideline for Wave 4 is that it must never overlap with Wave 5.1...... Based on this Rule, I have drawn 2 Horizontal lines on my chart to indicate the range of Wave 5.4 price. Wave 5.1 top @ 2.0132 and Wave 5.3 Top @ 2.0652.

By the Rule of alternation, I think that Wave 5.2 was a Sharp pattern so I assume that Wave 5.4 should display a sideways movement.

And what better pattern to show this sideways corrective wave than the flat corrective wave. This is the reason why I am assuming that price would go up some more before it goes down again up to the 5.1 high of 2.0132.

Now using Chart Patterns, you will see that the Symmetrical Pattern That african pip showed in his chart can be blended into our analysis to support the assumption that Price will still go up for the continuation of sub wave c in the 5.4.B wave.

This is further supported as potentially possible using the principles of falling wedge patterns where a 123456 count would show that count 6 is due to break out of that downward trendline.

If you check Gartley, Harmonic and Pesavento Patterns, again you will see the "Potential " move.

Then try the Cycle lines and there again you will see possibilities.

If somebody could apply the Square of 9 based on Gann, Maybe we can have a better analysis with its Time and Price Factor.

These are all just possibilities. EW is very challenging on its own. But for those who wish to know how it is with other tools, then here is how you will see it on other more visual tools.


EG

PS. I forgot about the Fibonacci extention. You can use it to project 5.4.B end or its 5.4.B.c using the 100% and the 161.8% and knowing as other traders have observed, Cable usually exceeds the 100 and the 161.8 levels. So we may still see it get to 2.0652 before it goes south again for the final 5.4.C Leg of the 5.4 Correctve wave.

If the timing is correct, we or the market will have enough time to show us this surfing the waves.

hello, this is my strategy on cabl. i thnik that should go down. but we will se what they will say on todays news

http://img476.imageshack.us/img476/2...d108yw6.th.gif

EG,

Looks like I am having to change my count here, so I am in agreement, at the moment, based on probability that we haven't seen the end of C yet.

Hey Money couldn't really make out your chart there bud. My eyes must be failing me...... but I agree with your call.

Well ,..........EG

What do Think ?................
- Mabe we we can clear 0580 and keep going ? ..............
--------------------------------------------------------------

P.S. How's your studying going ? .............

Here's the Usd/Jpy...............

-----------------------------------------
( See Chart Below )

Euro/Usd

Moving towards an end End of a Wave 4 " ?....
--------------------------------------------------------

Hi Marketwavez.

I am still struggling with my counts. Still have not decided on whether I should really go Long or Short on Cable as of now.

Current scenario seems to have a number of alternative counts possible. BUt I will try to dissect my count and use other tools to see how I can narrow my choices....

As for my studying.... starting to digest more of what I read...

For now below are the premises I am basing mycounts on:

1. Price Range for 5.4 is between 5.1 @ 2.0132 and 5.3 @ 2.0652. Projections down to 2.000 and 1.9900 seem out of my range because 5.4 or wave 4 must never overlap with wave 1 or my 5.1 which has a highof 2.0132. See chart #2 Daily

2. Time Element - My Time computations puts my end of 5.4 projections around October 17-24. This is based on the following premises whereby Wave 4 is related to W3/ W0-W3 where W4 itakes longer to finish or parallel projections of W1-W3 based on the following Fib Levels Range of 138.2 - 161.8...... See Chart #2 Daily .

In the meantime Cable is expected to stay within this range and continue with its corrective phase until it starts its Wave 5.5 up by Mid October.

3. Rule of ALTERNATION - Based on this rule, if Wave 2 makes a zigzag or a sharp movement, then Wave 4 will be a complex corrective wave and exhibit a sideways movement. In this case, 5.2 was a Zigzag/sharp so this will contribute or strengthen my assumption that 5.4 will continue to extend its corrective state.

4. Candlestick formation - I would describe that last daily candlestick of Aug 10 Friday as having a long shadow ( long lower wick and lonegr than range of candlestick) and most likely be interpreted as a Bullish signal on the daily chart. This is a strong signal if it occurs on the higher timeframe like the daily.

5. Trendlines - It could also be observed that Price bounced of that lower trendline formed by 7-30-07 @ 2.0181, 8-08-07 @ 2.0156 on 8-10-07 @ 2.0152. It could also be noted that candlesticks have been forming higher lows from that bounce.

Looking forward to a trendline breakout for Cable based on Downward Trendline formed by 7-24-07 @ 2.0641 , 8-06-07 @ 2-0461 and 8-09-07 @ 2.0393.

6. H4 Chart - Digesting my observations above and observing the 4H chart now, I would assume that Cable is on a sub wave c of a Wave B up ( 5.4.B ). I have more reason to assume that this is 5.4.B Up instead of 5.4.C Down because of the Time element. It would look too pre mature to assume that Cable is now on its way down to finish 5.4.C.

Besides, it is too near what I believe is the bottom of 5.4 which should not overlap with 5.1 @ 2.0132.

7. Falling Wedge in an UPTREND - The symmetrical triangle we were looking at last Friday failed with price breaking down the upward trendline forming the bottom of that symmetrical tringle on the 4H chart. That leaves us with the FALLING WEDGE in an UPTREND.

This has a count of 6 within the wedge and as it breaksout of the trendline at the upper edge of this falling wedge, we count that as on the way to Count 7 which is the price projection max for this scenario.

8. Blending this with EW, Assuming that the price breakout occurs, we can then check price level projections thru EW. the wedge was a tool to help find price direction or validate the 5.4.B count.

Wave C is projected based on its known % relationship with Wave A (See the Fib Extention levels in Aqua )
61.8
100
161.8

Coral Dotted line is Count 7 projection for the Uptrend Falling Wedge

5.4.B could still go as high as FE 200 @ 2.0708. if this turns out to be an expanded flat. But I could be wrong in this assumption as zigzags, flats and irregular/expanded flats may not be considered as complex or sideways corrective waves. Choices would be horizontal triangles, double three and triple threes which would mean price will not reach or last high of 2.0652 yet until it is on its way to Wave 5.5 ( that is if it doesnot turn out to be truncated.

Ok...... This is about everything I have put into my Wave count considering other tools.

May we all profit this week.

EG..

Chart 2

4H Chart

hELLO, this are my prediction from last post to next step ( sorry for small charts)

4h chart
http://img341.imageshack.us/img341/872/gbp4hzg7.th.gif

15min chart
http://img265.imageshack.us/img265/8...5minrw3.th.gif

4H

15m Chart

Hey money.

I hope you don't mind me re-posting your charts. It just makes it easier for everyone to see your charts.

Thank you for sharing your chart. Have not looked into it yet but will do after I re post this.

Thank you again.

EG

Usd/Cad
---------------------------------
Here is the result of this set-up from Friday.....

Looks like this one didn't pan out ........

Funny I should see this now, I was long USDJPY 117.90 earlier today from a PB. Then we failed to convincingly take out 118.50 and I closed pretty much almost everything out.

Can't be a proper Wave C if it's this lethargic, no?

I'm currently keeping my eyes peeled for 1.3590 EURUSD and the whole 1.3500-1.3600 range for long signals.

Hey money.



Wow.... you did it again money. Thanks. Almost to the last pip.

EG

Looks like we have an extended wave 3.3 and and extended wave 3.5 in this wave C down.

Currently, I am looking at wave 3.5 going down to 1.9940/25 area before it retraces up to wave 4 of this wave C down.

EG

1.9926 hit == equality of Clusterwise's call for "A" wave....


Still looks like there is enough momentum to aim for the 1.9750 ??

Time will tell....

161.8 Fib Extention of Wave 1 inside this Wave C down is at 1.9911 on my chart.

But 1.9875 for the 161.8 Fib Extention for the sub wave 3.1

Yes zpe618..... end of C may still go that deep..

EG