Elliott Wave Counting with EG

Thank you Karmo.

Now I am Back and can access FF.

EG:

Chart

update for Possibility

A continuation of Fall?

Falling

Daily Support 1 is HIT

EW Count Revised

Breach of Daily Support 1 will likely see the new targets with the check Mark

Micro EW on the 1min chart

Near end of Previous Sub wave 4

May qualify as c = 61.8 of a

waves 351 and 353 not visibly extended.

expecting 355 to be long and extended.

another potential set-up

Spike messed up my count

EG

What do you think EG?

Am not quite sure about that FxMt.

Re working my chart now, I see on the 1 hr TF that we may already be finished with the wave C down .

Leg down of price after the end or top of wave 4

a. shows a 5 wave structure
b. has exceeded or gone lower than previous low at wave 3 end
c. w2 is almost 61.8% Retrace of w1
d. w4 is between 50% and 61.8% retrace of w3
e. w1 almost equal to w5 for wave equality

Above are points I am considering for now to convince myself that GBPJPY is going UP again Long Term.

EG

Sorry can.t seem to posta chart now.

But anyway , you should have an idea based on what I enumerated above

I hope this goes thru.

BTW, I just noticed now that there was also a GAP on the 1 hour chart.

This couild mean that it was at the middle of a wave 3 or nearing the end of a wave.

So here is another reason why I think this pair is on the reverse trend now and is on its way up again.

I guess the BEARS could not swim that deep yet..

But remember that a wave 1 up is followed by a wave 2 down. This could mean that a rally up for a sub wave 1 will be followed by a retrace of 76.4% to 85% or atmost 100% of wave 1.

So very likely that we are comin down again to test the current low.

I think I will wait for that retrace and trade it UP.

EG

[IMG]file:///C:/RGV/1h%20route%20potential-001.gif[/IMG]

This is strange.

The chart below was the chart I was trying to post last night. But since I had problems last night I gave up and went to sleep.

But this morning I tried to post same chart and still unable to. So I tried saving the chart again this morning.

But notice that the chart below from last night has a GAP on the 1 hour chart. But the same place or candlestick last night does nt show a GAP on the chart I saved this morning.

Strange. Same broker and showing differences in the chart in history.

Chart below shows the GAP

EG

Forget About the GAP.

I do not see it in my other computers.

Below is the proposed count and Potential Price Route for next week.

As you will see, it is possible that the Move down is already finished with the wave 5 down ending as an ending diagonal triangle.

Followed by a new 5 wave up which looks like trying to finish of the sub wave 5 of this wave 1 up.

You will also notice the FIB Retracement tools and the FIB extention tools on the chart.

I am just trying to see how the Price moves fit into the EW Rules I have encountered.

1. if w5 down is finished, then we should expect the new wave 1 up to over balance this diagonal w5 down.

2. looking at how price has already developed for this wave 1 up and using the internal swings to project the end of it,

a. 1st we see that wave i is almost equal to wave iii. But wave iii is slightly longer.

b. the guideline on extended waves show that if wave i and wave iii are almost equal and do not clearly show any form of extention, then we expect wave v to be extended.

c. moreover, wave v is expected to be 161.8% of w0 to w3 and that means w0 to w iii. That gives us a projected top of FE 161.8 234.03. But because this is GBPJPY, often times it still exceeds this by going for FE 178.6 @ 234.78..... But I would settle for FE 161.8 @ 234.78

d. From this rally, we expect it to be followed by a DIP which is the retracement of our wave 1 up by going down towards 78.6% retracement ( 226.24 ) or up to 85% @ 225.54 or even till 100% retracement @ 223.91.

Count is invalidated by price dipping lower than 223.91. SO SL @ 223.90

EG

IMHO only break of 235 (also 50Fib) will confirm C is in place, but I must say I am not convinced about that YET ... meaning I am trading the current movements - smaller TF - as allways

BTW my w5 down count is a little different as w5(1)@228.70, so I am looking for the break of this level first and then [email protected], otherwise we have just seen w51 leg @232.93 IMO.

El Grande,

Let me be the first to say: you get an A for effort. Your dedication to marking up charts is beyond compare.

Mind if I ask a few personal questions? With all the EW analysis you are doing, what are your returns lookings like?

EW is voodoo in my mind at this point. Well, if Point and Figure can work with stock charts, I guess EW or some other predictive measure could work with forex.

Unfortunately it is all too subject. The 1 2 3 4 5 labels are often too ambiguous to try to nail down to definitive points.

Anyway, I just wondered what your success/loss ratio is, and whether there is consistency in all this work you do. I haven't read the thread, because I'd rather go to a dentist than learn EW. But that doesn't mean I'd love to hear your perspective on your results.

Regards.

Is there any software which counts eliot waves?