Hi SL, here is what I think might be happening from an Elliot ponit of view, btw notice the monthly rsi close last month telling sign)
I think that the Euro had just entered a correction( minor count supports this view as of now) to ve exact a 4th wave correction within the 5 wave advance from 1.1638
, since wave 2 of the same degre (II) was a shallow correction, \i would expect a wave IV to be sharp, most likely a zigzag.
You are right, first support is not untill 1.4967 that is my first target, well actually 1.5000 even, simply because the market tends to like round numbers. I will start to look for reversals around 1.4500-4750 areas, although it should be visible at that time if we are done or not, 1.4000 or slightly above is not out of the question in my mind but perhaps a little too farfetched at the moment, hope this helped
Gene
EW traders don't know the correct count until after the move has finished. The best you can do now is to keep changing the letters and numbers every time the market does something that it's not supposed to do.
).
What I'm hoping to see now is for EUR/USD to go up a bit
EW traders don't know the correct count until after the move has finished. The best you can do now is to keep changing the letters and numbers every time the market does something that it's not supposed to do.
This EW stuff deserves an episode on merlin's debunking series.
To debunk the myth of it not being workable and retro only, indeed.
What trading approach doesn't have variable possible outcomes?
Things will either work or not and you're always wiser after the fact, whether that's your s/r or setup breaking down or holding or a count.
Why people need to perma-bash somethin they can't get to work for them while others have provided live trading proof is beyond me.
(I am aware of the irony of me posting this in several regards)
Btw Pluto, after reading that one thread of yours I've tried wrapping the half a dozen "boundary" channels around price, via template and alone, and tried getting some sort of logical, tradeable approach out of it...didn't work for me at all, no matter how high my tea consumption was
As long as it works for you, that's all that really matters I guess.
Because the patterning described is trying to reflect a certain human behavior. Zig-Zags and trending moves / impulses, the alternation of impulses and corrections very much reflect market sentiment.
As such, it is a varied, but intriguing attempt at framing the market and imho closer with it's incorporation of various formations that also find their reflection in normal techs(triangles, channels, wedges) than most anything else.
Because the patterning described is trying to reflect a certain human behavior. Zig-Zags and trending moves / impulses, the alternation of impulses and corrections very much reflect market sentiment.
As such, it is a varied, but intriguing attempt at framing the market and imho closer with it's incorporation of various formations that also find their reflection in normal techs(triangles, channels, wedges) than most anything else.
