Elliott Wave Counting with EG

Sub wave 1 of the bigger wave 5 down could be finishing in the boxed range in RED.

Then we expect a retrace up by at least 61.8%

Note FE Levels in Box

EG

revised

update

2nd chart was after that spike so had to re adjust count

EG

on with the charts for GBPJPY

EG

minor adjustment and off we go to continue move northward

that shook me a bit. made a retrace for nearly 88.6% again for the wave b.


why 235.47? that is because Ihave noticed that GBPJPY like 76.4 up to 88.6 Fib Level as targets for wave 2 retracement.

Besides it is a level that is likely to fit the rules still and not invalidate the higher TF Wave 4 which must not go higher than 235.85

EG

Stoploss movev to wave 2 of this move upwards around 233.48.

since we have points 0 1 and 2. and we see that price has gone over FE 100.0, this means this is a continuing impulsive wave were wave 3 is longer than wave 1 and is will not be the shortest.

have a better chance now of attaining our target.

actual limit of a possible wave 4 retrace is up to end of wave 1 @ around 233.78

EG

since wave 4 retrace seem to have been established at 233.85, this means that wave 3 is just slightly more than 100% of wave a. and if my memory has npt failed me, wave 5 target would now be around FE 176.4.

Unlike if wave 3 landed @ FE 161.8 then wave 5 will be at 261.8

unless 233.79 is breached..

SL was at 233.48 that is arounf the wave 2 end.

price has breached the end of wave 1. then this cannot be wave 4.
it can then be wave 2 inside the wave 3 which furthe means that this wave 3 is going to be big. and will have a better chance of targetting FE 161.8 to FE 200.0 and finally wave 5 towards 235.41 @ FE 261.8 and near the 88.6% retracement.

you can see all the fibs on my chart... that is if you know what you are looking for.

EG

PS
already missed bagging 50 pips because I was experimenting on the SL adjustment for trailing SL.

on our way up

got out eaarlier as was getting tired of waiting and getting very sleepy.

but got back in near end of 32. so still ok.

EG

Gbp/Usd
-----------------------------

Serious Resistance
Will Price Break through all this ?
-------------------------------------------

Double click on chart to enlarge

I am still biased For my current long trade which is already down by 38 pips plus 18 pip spread.

but attaching some charts which could work out both in the short tern and most probably in the long term.

EG

I have to revise the wave count for the wave 2 up.

I was looking out for a wave a subdivided into 5 waves but with the large retracement that has occurred, the next logical thing to do is to check and revise the wave count.

So now we have a 3 wave wave A and the wave B already finished... we have a better chance of going up npw to finish of this wave 2 UP.

EG

update

quite taxing to do Micro EW.

But it is fast and the experience of adjusting wave counts just to keep up is a very challenging thing to do.

it is like a marathon APPLIED EW Course ( Self Study plus help from other EW Practicioners )


Attaching new count or adjusted in the 1 minute chart. This will be valid ones 233.35is breached


EG

Exited 2 live trades at a loss because I have to leave and I do not want to leave trades running when I am not around.

Back to Breakeven after increasing capital by 80% this week.

for as long as price does not go lower than 232.83. wave b of this wave 2 up is still valid based on attached chart.

whew... looks like I should truxt my counts more. anyway I have to go now. back at US session.


EG

entering Long trade at 234.18 area where wave 5 up for the top of wave c up of this wave 2 in this wave 5 down.

EG

as chart develops

Lowest was at 233.86 just a little over 86% retracement of wave 3 and in the vicinity of sub wave 4 of previous wave 3 of same degree.


Wave 2 target at 86% near 235.40

EG

Possible wave 4 end?

then expect wave 5 going UP now to maximum of 235.85

Beyond 235.85...... my wave count is invalidated

EG

wave 2 retrace of wave 1 and back going UP

or 127.0 @ 234.09?

EG

Wave 53 or wave 3 projection is between FE 161.8 to 200.00

In this case I will use another technique where a previous retracement of 61.8% will yield a projection of FE 176.4

So first TP is at 235.20 then we expect a retracement for wave 54 or wave 4.

We will see percentage of retracement from there and then project wave 55.

EG