Elliott Wave Counting with EG

Eur/Usd

Appears to be moving towards an " End of Wave 5 "
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Hey there Money ,

Good luck on your trade-setup posted just above....... Looks Great ...........
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nice chart, i have a question with the ew. after the 3 up how do you count the area down to 4?

I'm not sure but don't corrective waves happen like abc and sub wave have I II III IV V A?>

Elliott Wave Chart School
Learn it all right here :

http://elliotwave.net/educational/basictenets.htm

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Thank you sir for your speedy reply... I will look into your link... My ew is very minimal, but I do think markets move in waves and ripples...

Now maybe someone could answer this question how does the different time frames differ from the main wave count. So if a weekly is in a 3 up but the daily and intraday conflict what do you do?

I have a ew book laying around by "Frost & Prechter", problem is I never really got the concept to it...

LTC has said I'm trading ew without even knowing. this has got me thinking...

Could someone post a wave count of the macro and micro on USD/CAD? Looking at this book just does not ring a bell.

Don't laugh to hard, here is my monthly count on USD/CAD.

http://img137.imageshack.us/img137/6359/ewor6.png

Just wanted to say that "forexnovice" and me are not the same person, despite his "subtitle"


Now, where's that million dollars... ;p

If nobody wants it, I'll take it, just sign here and here and here on the dotted lines you will not hold me accountable, give me 80% of any and all profits high on high and 5% up front...np!

Btw, I am not a regular reader(far too clustered and small TF counts, I gave up long long ago...I dearly miss Traex's thread, kicking around macro counts with him was a fun pastime ..I believe one should not go below a certain "threshold" lest the waves get far too "random" imho...or maybe I just really suck at counting hehehe), I just read the last 80 posts because of the MW / LTC dispute to see what was going on..

Btw Bunton you can't have an ABC correction to the same "side" as the main impulse / in the main impulse direction

and me thinking he was addressing you everytime I visited this thread.

btw nice username Light Seeker...same here.

Thanx for the nice looking charts Marketwavez

Interesting scenario taking place in gbp/jpy

Market...

I am here reading... where is the passage where you and Learntocount got up against each other?

Greetz!
Gnat

Hi Grega.

Attached are charts for an ALTERNATIVE Count. Last night when I went with you on your count, I merely browsed thru the 1 hr and took a confirmation from the 4 hour chart.

However, this morning when I went to check on it again, I tried starting from the Daily chart and somehow I ended up with an alternative count.

Maybe you can have a look at it again.

EG

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El grande if u remeber that i sad on my last post +170 on gu... it went.

deal done.
thx.

You did well eye4spot. Although I think you were not using Elliott Wave Principle there.

I should have attached these other charts to my count last night when I replied to you as this shows the price projection if my wave counts were correct.

This is how I project price using FIB Extention tools and the FIB projection Levels in relation to Elliott Wave Principles.

EG

Attached are charts with the alternative count on the EURUSD.

I have been engrossed and wrapped around the 5 wave symmetrical triangle wave 4 for the EURUSD.

but after studying the lower TF charts this morning, I see an alternative count now due to the way this wave D up is developing.

to me it looks a bit tight for it to just stop at the upper edge of this proposed triangle. and if it overshoots, the way I see it is that it will form a different wave pattern thereby potentially nullifying my triangle wave count and could be replaced with an IRREGULAR FLAT corrective wave.

this twist to the alternative wave count may be deduced from doing a wave count on the lower timeframes.

I am just bringing this up as a heads up.

EG

EURUSD is developing what looks like a wave 4 of the wave D up for the Triangle.

EG

Finally have my internet connection back.


Attaching something I wrtote earlier while I still had no connection.

Here I go again.

My broadband connection slows down or is completely off as 1100 am here in Manila comes in. So I can’t post charts and share ideas….


Anyway…..let us move on. I am drafting the text for my charts now so I can just paste this to a post later.

I have been engrossed with the symmetrical triangle for the wave 4 on the Daily chart. That I have not really given alternative counts much thought.

The earlier Alternative count of an irregular flat I proposed a few posts back or was it just above this post…. Is a bit of a lame alternative because it proposes an Irregular FLAT despite the fact that the wave 2 of same degree was already a FLAT corrective wave. It is quite unlikely that both wave 2 and wave 4 will be flat corrective waves.

So this stays to be either a Zigzag or a Triangle.

Now let us analyze the different waves that have already developed and let us go down to the lower timeframes to have some king of a more detailed picture.

1. For instance, wave B of this triangle seems a bit off because it retraced wave A by approxtly 88% when based on the Guideline, waves of the Symmetrical triangle normally retrace a previous wave by 62%. I let that pass in the meantime as it was initially seen as a 3 wave advance.

2. Granting that we consider the move up as a 3wave B which was followed by what seems like another 3 wave down to become Wave C. Looking at the percentage of retrace it has made, we can see that this wave C has retraced wave B by approximately 88% too. This again is another bit of a discrepancy for the proposed triangle. But then again, we see this as a 3 wave structure which can be considered as a potential wave C for the triangle.

3. Now, let us look at the wave that follows which is going up.

a. we now see a 3 wave advance in 531 532 and 5331. which can initially be considered as the sub wave abc of an A leg of a 3wave D where we can consider 5332 as the Leg B of the 3wave D.

b. but we can further have another count where 531 532 and 5331 is the leg A while leg B can be potentially be an irregular B. 532 can actually be considered either a 3 wave structure internally or even a 5wave structure internally.

1st if we consider 532 as a 3wave structure, then we continue with the proposed triangle.

2nd if we consider it as a 5wave structure, then it becomes a sub wave a of the B leg of wave D. then the move up from 532 should be a 3wave structure to make it the wave b of the B leg.

I have labeled that as 1 or a, 2 or b and 3 or c. if this is an irregular leg B, then the maximum that its wave b can go up to is 132.8% of the wave a which is the 5332 wave. So that the move from 1.4798 going down can be considered as a sub wave 4 of the wave c or 3. then I would be looking for a 23.6, 38.2. 50 and 61.8 retracement for the sub wave 4 which is why you will see the tick marks on the fib levels to the right. Then a rally upwards towards 1.4817 is expected.


4. Now what next??????

We have to consider 2 potential scenarios after this.

 

1. assuming price continues to go down from 1.4798 or it does go up to 1.4817 but bounces back to go lower than 1.4660, then I would consider going for the wave count where we see EURUSD developing an irregular wave B of the Bigger wave D and the potential target down would be between 1.4626 – 1.4605
2. but if price goes over 1.4817 and specially higher than 1.4852 which is already the 161.6 FE of wave 5332, then it is more likely that the Triangle Pattern for the 4th wave in the daily chart is OFF
3. meaning wave 4 on the daily chart was already a Zigzag and that the move from the end of that Zigzag at 1.4308 is already the beginning of the wave 5 on the Daily chart.
4. Judging by the way that the waves have developed on the daily chart after that Zigzag, I am seeing the potential of an Ending Diagonal Triangle for the wave % on the Daily chart developing.
5. This may somehow fit into the Fundamentals. Many would still see the USD as being Bearish which will Push this pair UP. But EUR can not be made to go so high as it would most likely hurt their economy.
6. So that an Ending Diagonal Triangle for the 5th wave on the Daily Chart would be most likely to fit the whole scenario.

1. As for the Structure of this Ending Diagonal Triangle, it is said to be in a 3-3-3-3-3 structure.
   1. on the chart you will see that I have forced a 5 wave structure count on the Daily by going to the 4 hour chart.
   2. If I maintain the view that this could be an ending diagonal wave 5, then I would not need to force a 5 wave impulse count from 1.4308 which is the end of wave 4 on the daily
   3. I can have a 3wave count as wave 51 or the 1st leg of the whole ending diagonal wave 5.
   4. Then wave 52 will fit into the scenario with its retrace which by the way made an approximately 88% retrace of wave 51.
   5. From wave 52 then I would be looking for a new 3wave advance which should see it temporarily end higher than wave 51 @ 1.4921.
   6. Using FIB Extention tool, wave 53 should end around FE 161.8 @ 1.5030 or 1.5084 up to 1.5153
   7. Right now it is time to sit back and watch or wait here for me as I still do not have my internet connection running.

EG