Elliott Wave Counting with EG

Seems 227.13 is now the end of the wave 2 of the leg C of this wave 4 up to 228 - 229.29

Then it will continue to go down to 225.97 level to finish off the leg C of the Flat corrective Wave 4 of the main trend Up

Main trend up wave 5 will see the end of the Big Wave B Up of the Zigzag Wave down of the Big Wave 4 on the Daily Chart down to possibly 204.

EG

I was wrong to assume that that was the bottom.

Anyway, we have to give room for this set backs. Rather than a narrow SL, mine is at 300-600.

Attached is new proposed EW Count or structure.

I will be able to close my old short trade from last week earlier than I expected.

EG

Price currently consolidating on 5min chart.

Looking for another downward move for w5=w1. towards 226.10 which is also the Daily S2.

EG

SL for mu old short trade just got hit. I adjusted it too close that instead of an earlier -20pip loss, I ended up with 95pip loss for that trade. (hhhhmmmm busy doing other things )

Anyway, time to sit and watch now.

EG

Jus an update for the 4 hour chart...
EG let me knw if ive counted wrong
thnx
I hope u dont mind me posting charts on ur thread

Hi Kevin.

Your uptrend count is most probably correct.

Now I do not remember where I got that leading diagonal triangle for my wave 1 when all I can see now is just a channel instead of that diagonal triangle I initially thought I saw.

Yellow B and C though are still different from mine.

BTW, Keep Posting your charts. I will also learn from your charts and your counts if you do not mind.

This thread is for everyone who wants to learn and share what they know about EW Analysis. So anyone is free to post their charts here.

We can all learn EW together.

EG

Let's if this holds

Thank you EG
That's very generous of you. I too am learning a lot from you. Together we all can try to eliminate mistakes in EW counting.

I was trying to figure out where I should open a long position (I already opened 1), so I dropped down to the 1 hour chart. Wave 4 possibily might not be over...seems like a zigzag in the making. Seems like a 5-3-5 structure. Possible wave 4 termination between 225.00 - 226.00

Awaiting your views
P.S. Can wave 2 retrace EXACTLY to the origin of wave 1? I didn't find any material that doesn't allow the retrace of wave 2 to the exact point of origin of wave 1, If it can, then probably the 1 and 2 of the current forming wave c is valid
BTW, the "C" in yellow is actually supp to be "C" in blue
Kevin

I am inclined to agree with your view on a possible zigzag for wave 4 since wave 2 was sideways correction. Wave 4 then can retrace up to wave 1 end.

wave 2 is allowed to retrace 100% of wave 1. But not more than that.

EG

Jus curious to see if this might be the possible correction pattern...
Phew!!! i better get some sleep

Hello everyone, i made for the firts time my elliott wave analyses on GBP-JPY and we will se how many profit or loss can we make today.
nice day

check it out also on http://www.trading-fx.si/fx/sloanaliza.htm

1h chart

http://www.trading-fx.si/forum/privatslike/gbp-jpy.gif
http://www.tradnig-fx.si/forum/privatslike/gbp-jpy.gif

So far so good...Going as planned

Cool...just a final 5th wave to go before we head back up...Possible targets for long 228.50(in case of a truncated 5th wave), but ideally should go to 231.50

Jus waiting to see if this might be the end of wave 5 of Wave C of WAVE 4.
Thou the downside (if any) should be limited to 225.00.

Also keeping options open for possible Double-Threes complex correction, preferably a flat or a triangle

I think you are doing Great Kevin.

Below is my Revised Count on 1 Hour chart.

I am more inclined with the Blue Option 3 Count.

I am experimenting on ignoring wave 4 overlaps with wave 1 if it is due to a spike.


EG

Thank you EG
I think you forgot to add your chart

Kevin ... I actually was in the process of replacing the earlier chart I posted with the text .

Had to replace it to show a better FIT for the Magenta Channel to parallel the lines from the side of the wave 2 and the wave 4.
]
Trying to show an example as per textbook that when wave 0 1 and 2 are available, you draw a channel based on the wave 0 and 1 side to see potential resistance for wave 3.

And when potential wave 3 has probably ended and normally with a spike then followed by a wave 4 formation, then we adjust the channel to use wave 2 and wave 4 ends as the basis for the parallel lines against the wave 1 end.

Normally we would see that wave 3 as an overthrow.

Wave 5 is then perceived to reach the other side of the channel from where wave 4 ended.

Of course wave 5 can still make for an overthrow on that channel or may not even reach that other side of the channel.

I would normally watch out for the wave equality also as wave 5 develops especially if wave 3 is extended which would be the case if I select Option 3 Wave count.

Which brings me to watch watch out for a possible wave 5 failure that could terminate @ 229.19 both satisfying a wave 5 failure and the guideline for wave equality.

Still, I am open to seeing GBPJPY go further up as there are also cases where both wave 3 and wave 5 can both be extended.

EG

Let me share what I have come up with on my chart and explain to you the details.

Below is a revised chart to show more of the details that I found before and also the ones I am seeing now.

Anyway, let me explain the details on my chart.

1st. There are the 3 options for the wave counts on my GBPJPY Chart.
a. I am more inclined with the Blue Wave Count Option.
b. Using the FIB Extention tool on MT4, I have wave 3 at FE 161.8 - 200.0 range which fits what I have iften observed with GBPJPY.
c. sub wave 4 of the wave 3 blue is quite deep which is a bit over 50% retracement of sub wave 3 (magenta FIB Retracement). Note I ignored the overlap of sub wave 4 into sub wave 1 inside wave 3.
d. sub wave 5 of wave 3 Blue then terminates just a litlle above sub wave 3.

Next I drew the Aquamarine channel to illustrate a Channeling which is happening here. (Actually I was testing the Guideline on Prechter's Book). Here I initially drew a channel using wave 0 1 and 2 with wave 0 and 2 trendline as the basis of one side of the channel while the otherside was banked on wave 1 end.

Then I was looking for the wave 3 projection together with the projection using the FIB extention tool. Although it has been noted that wave 3 almost always makes a throwover.

The same channel ( I just realized now ) was supposed to be used to project wave 4.

With the following features:
a. channelling guideline,
b. rule of alternation ( wave 2 was a sideways expansion so expecting wave 4 to be zigzag) ,
c. wave equality C=A for zigzag waves
d. wave 4 rule on overlapping with wave 1 ( with leniency on my part here due to spikes and volatility of this pair )

Now, we have not hit the lower side of the Aquamarine channel for our wave 4. So there could still be a possibility of price still coming down to kiss that channel or maybe not.

Incase it does not, then we should see GBPJPY climbing now with still a possibility of the retrace towards this bottom channel side for the wave 2 before really climbing any higher.

Fib Tools on my chart:

Turquoise Fib Extentioon tool is use to project the wave 3 and wave 5. wave 3 was in the FE 161.8 - 200.0 range. I would be looking at wave 5 to be in the 261.8 - 300.0 range or a possibility of the FE 425 level.

Magenta Fib Retracement tool is to illustrate the 50% retracement of sub wave 4 from the length of sub wave 3 of wave 3.

Yellow Fib extention tool was used to project the wave c of wave 4 Magenta . Although I preferred to use the retracement guideline for wave 4 being between 50-61.8% of wave 3 though normally at 38% or even 23.6% only if the prevailing maintrend is quite strong.

Blue Fib Extention Tool was used to project potential end of Blue wave 4

Red Fib Retracement Tool was to illustrate the wave equality where Magenta wave 5 was equal to Magenta wave 1 of the Blue wave 3. in this case it exceeded a little bit.

Also you will see the 3 Magenta Horizontal lines
a. Top is Possible support of a previous Resistance based on the wave 1 Magenta
b. middle as you go down is another potential support based on the wave b of Blue wave 2
c. and lastly at the bottom is the top of the Blue wave 1 which sets the limit of the lowest that wave 4 could go down to.

Broken yellow lines were support and resistance trendlines.

I am open to any constructive criticisms for the chart I just posted here

EGhttp://www.learncurrencytrading.com/...lies/smile.gif

Potential retrace now for GBPJPY wave 2 down towards previous low or arounf 50 to 76.4% of wave 1

EG

updated charts