Elliott Wave Trading

Though there is a possibilities as soso stated but think we are still in big 4 wave correction as see in H4 & D1 and lower tf now in subwave b of C correction & may go up 1.3295( tip of A) or even up to finish the correction & then to start down the big 5th wave down .


fontu

Possible fontu, to tell you the truth I dont have any opinion for the whole move down on Euro since the July top. I can't count a clear 5-wave move down so for now I am ignoring the longer term count. Would love to see yours and other people longer term counts...
What matters most is the timeframe you're trading, if you have a good EW picture on that timeframe then is all good.

This is what I am looking for.

eurusd daily chart with other indicators
http://www.gogetin.info/eu511.gif

fontu

fxoffshore, fontu, soso

this is my count.

I think a triangle is forming as wave 4 of (3 or C), counting from the July top.

cheers.

my count (so far) on wave four is attached.

your comments on the count are welcome.

Very good counts unicorn , precise & clean . yes all the trouble with this 4 corrective wave forming the diagonal triangle & waiting for the break . as it will be a great fall it took lots of time & create much confusions /complexieties ( more perhaps till obama not down it??) too . I like your charts . I printed it for reference .

fontu

Excellent chart counts Unicorn. Clean and detailed.

This 4th wave could end with a move higher above 1.33 to complete a flat, or it can move down to continue the triangle wave D. It is good practice to consider the ALT count and define what would eliminate one or the other. Wave 4 are hard to call as complete in real time, personally I give them a lot of leeway to prove direction, or use small lots and wide stops - knowing the wave 5 is coming sometime.

fontu, fxOffshore, thank you.

I added the alternate count (flat).

Length(C) = Length(A) leads to 1.3460, and wave 4 goes above the bottom of wave 1 (1.3448) by 12 pips.
It better not enter within the price range of wave 1.

The top of C when Length(C) = 78.6% * Length(A) is at 1.3256

cheers.

Hi all,

Usdjpy chart.

Looks good for short entry..

Usdcad chart.

Hello to everybody! now I'm learning a lot Forex-theory but don't understand this indicator... can anyone explain it to me? thankss

It is not an indicator.
It is an analysis methodology.
Google "Elliott Wave".
There is a lot of information on the net.
Be prepared to spend a lot of hours to understand all the details.
It takes perseverance to learn how to apply it.
Good Luck.

EurGbp Daily chart.

I believe wave 4 is forming as triangle. Pls comment if other counts possible..

Other possible count..

where this triangle gonna break?

Long side or Short side?

If its wave 4 triangle then can expect it to break downwards for wave 5..

Patience needed now..

eurusd triangle update.

so far waves A, B, C of ABCDE triangle are complete.
Price is in the process of completing wave D.
If the triangle formation for wave 4 reflects reality, then price will bounce on lower triangle line and proceed up to test top triangle line (wave E) which will correspond to the completion of wave 4.

Next wave 5 (down) begins.
Unless ABC completed a 3-3-3 "flat";
in this case, eurusd has already started wave 1 of 5 down, and will slice through the lower triangle line, OR will first bounce on the line and then proceed down.

So Blue Bottle, I think that eurusd is going down; both of these EW scenarios are bearish for the euro.

For a bullish scenario, one must be able to count 5 waves up, on both of waves A and C examined.
I have tried, but I cannot see such a count; that is the reason I post such a detailed Elliott wave count.

Please take a look and try to count 5 waves up (following the rules). I would be very interested in a bullish count, if one exists.
Let me know.

FxOffshore, fontu, what's your take?

cheers.

As a matter of fact, I do have a 5 wave count (about to complete in the area of 1.2650 ~ 1.2600).

It is not so "good looking", but it is a 5 wave count down, which means that when the lower triangle line is tested, (assuming this count is correct) the bounce will be wave 2.


For the shake of analysis, here is the chart. It is on 1000V bars (1000 contracts volume bars) on the futures contract (Globex).

Your comments and observations are welcome.

I'd be careful with the triangle count. Everyone sees it and expects it to break down. If I'd have to bet on a breakout direction I would do it on the upside.

My feeling is a bit same as yours. I'm not saying whether the triangle breaks on the upside or downside, but I think we'll get a complex correction. The previous corr was a simple one, maybe it is time for a more complex correction. It would mean that we will sit here, perhaps between 161 and 261 fibs quite a while. Maybe in December, when euro rate is lowered next time (?) we'll get w5.

Just my 2c, R