Elliott Wave Counting with EG

yesterday's charts

today's charts

a retracement has occurred which is more of a 535 from the high of 1.9632. this could be abc or 123.

but if we look at the upward retracement of this move down, it only made a 38.2% retrace which is a bit unlikely or seldom for a wave 2 to do. this would be more expected from a zigzag wave where c = a will or also can occur.

checking the fibs on the chart it has almost touched the FE 100.0 (1.9513)although it can still come down to as low as 1.9466 which is the FE 161.8

if it goes lower than 1.9466, this will be first caution level for me for a possible 123 instead of abc. final confirmation would be if price goes for a lwoer level than 1.9442 which is previous last low.

it would be worthy to also note that the decline from 1.9632 , this move has made a near perfect 61.8% retracement which is quite common with wave 2s.

so adding up all this fib retracements and fib extention levels I have been working on based on what I have read in various references. I am more inclined to consider this as a wave 2 and soon we will see CABLE starting its ascent.

note that for now this ascent that I am looking forward to is just to complete the wave B up towards the 2.0500 or higher before the big wave C down to the lows of 1.9000 or lower to 1.8700.

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

wave 3 on the 5min chart was seen on the FE 100.o @ 1.9537/9 followed by a small pullback for wave 4 at 1.9534.

expecting wave 5 to reach 1.9552 very near the level fo the wave 4 of smaller degree of previous impulse wave @ 1.9554

expecting a rtracement down towards 1.9530 before the nice rally .

EG

BULLISH stance on the CABLE has been affected by the retracement from 1.9632. it has now retraced downwards by about 76.4%.

visually and pattern wise including the application of ew guidelines, the move down from 1.9632 can be seen as a 5 wave structure which even follows the rule on wave 4 not overlapping with wave 1.

this then puts my count in a a bit of a quandary. 5 waves up then 5 waves down. but applying a linear regression channel on that move down from 1.9632, the price on the 15min chart has stayed inside the channel. NOTE that the last leg ended as an ending diagonal triangle. could be an abcde FLAG or PENNANT pattern which is a continuation pattern .

TO me it is likely now that we will see 1.9632 again.

INITIALLY I would have gone for a 61.8% retracement towards 1.9574, but that would mean that this 5 waves in a downward channel will be considered as wave 1 down of a much bigger wave 5 down

while that initial 5 waves up from 1.9442 will have to be considered as a 3 wave structure and a zigzag wave up.... but come to think of it, stochastics pattern somehow spells it as such.

I am out of the market now except for 2 long trades from the 1.99 level that I am still nursing. have collected a nice bunch of pips today with this up and down movement.

will stay on the sideline to watch preice if it retraces to that 61.8% level up then fall or will it continue to go up.

EG

Hello wavers!!!
Usd/jpy H4.
Wish you profits

Cable

SL for trading wave 5 up is at 1.9410

Possible wave 1 UP (red) end at FE 61.8 wave 0-3-4 @ 1.9500

Looking for wave 2 to fill GAP

EG

UPDATE: looks like a failed one already. alternative is an irregular FLAT

ALTERNATIVE count for a possible anomaly

IN as much as I want Cable to begin its ascent, this possible STOCHASTICS reading anomaly against the price dips do not seem to match up.

Divergence I think still need to exhibit oversold / overbought levels at wave ends.

EG

Another fall in Usd/Jpy?

Well I haven't posted a chart in a long time on USDJPY, so here's one!

Right now USDJPY is not very clear on the long term. We've had overlap on several degrees, and the 1,2,1,2 pattern did not fall in a decreasing Fibonacci relationship; however, the price patterns of the current rally have been very corrective; therefore, price should start making lows. Unfortunately, to my knowledge, the current price patterns do not dictate when these new lows will take place. I've been sitting patiently waiting for signs of the mid-term direction.

I look forward to discussing it with you.

Adrian

.

Hello, I have a very quick question. I'm wondering about that information in the upper right hand chart above. Where can I find the indicator that gives the red and green signal bars like that? I'm new to forex and have wanted to have something like that for awhile now. Any help is greatly appreciated.

Here ye go

{ copyrighted attachment deleted by staff }

Thanks very much. I truly appreciate that. Would someone mind explaining how to use it or where I can read up on how to understand what it is telling me? I'm trying to learn how to properly use the signal bars but I'm having no luck on finding anything.

http://i28.tinypic.com/i44tbr.gif

http://i28.tinypic.com/21etj0g.gif

http://i28.tinypic.com/168d0tz.gif

so far so good....

Hey traders, whats up...
Market its a litlle crazy in the last two weeks...I believe that this are very hard days for EW traders, so just a few pips its a lot in the days like this....

However, there is somethnig interesting on GBP/JPY.... looks like we have double zigzag, so maybe the short positions are not so far away....I would deffinatly short this one today, but as we all now, there is holiday in US and UK, so I will wait till tommorow to see how will turn this out....

Ok, the only thing that bothers me on this one is that price bounced from 200 simple MA on 2h timeframe...so I beieve that after breaking this zone, should MA become very strong resistance to push prices lower...and then could be new trend in process...

If you look at the chart below, its obvious that we have impulsive wave from Friday...so today we deffinatly could be in a correction...However I am expecting something like simple zigzag or flat with irregular B..esspecially if we have in mind that first wave a oif II is a three wave move...

Today we could see price to go up in to the same area as previous wave iv of lesser degree..A lot of times the wave 2 find the resistance as wave iv of lesser degree..in our case around 205,30....


Its also interesting that first zigzag is equal extacly at 395 pips as the second zigzag....

See ya, Grega

http://www.trading-fx.si/fx/netanalize/gbp-jpy1.gif

GBPJPY 4 HOUR

USD/CAD DAY

Irrelevant post to forex...
For people who do care bout the Dow...here's my view on the 4 hour Dow chart...
2 possibilities...

Also, the crude oil scenario...

eur/usd and usd/jpy...both moving nicely