Elliott Wave Counting with EG

Additional GBPUSD Charts

5min Chart AP Target was exceeded

Hi All

My Gold account

Potential Scenarios for GBPUSD

additional scenarios

.....

Wave 4 Purple Alternative Scenario where wave 4 makes a Zigzag Corrective wave in a Channel.

That is if price does not breakout to the downside of that upward blue channel.

Wave 4 Purple Alternative Scenario shows Pice could possibly go up in this blue channel which would find potential resistance on the upper side of a downward channel.

Note too that the potential end of w4 purple coincides with the 38.2% retracement of same degree wave 3 and it is also in the range where the wave 4 of pregvious same degree wave 3 also ends

el grande, good variant

daily GBPUSD
http://fx-trade.ucoz.ru/wave/gd.gif

elgrande, greetings. As a student of your analysis, i request you to please help me understand the wave marking within the last "B" wave that you are expecting, as marked in the orange lines. I will be extremely grateful.

Moiz...

Try to study Andrews Pitchfork too aside from Elliott Wave Principles. Possible directions drawns on my chart are also guided by potentials derived thru Andrews Pitchfork also.

I can imagine the unpopularity of Elliott Wave Analysis in this forum. To be successful in EWA, you also need to study other strategies and technical analysis.

I know it may be way too much to advise this. but the more strategies you use, the greater your chances are at selecting the directions with more validating signals from various methods.

EW will provide you the numerous potentials. There are guidelines to reduces the choices. However, you will be able to cut the choices further if you employ other strategies.

You will understand what I mean when you see the light.

Any one who is wondering whether to pursue or not to pursue learning Elliott Wave Principles.... This I will tell you..

I too almost gave up on this before because I felt it was too difficult to understand. But it took me to feel ashamed of myself when my then 6 year old son started telling me about EW just based on the different figures presented in Prechter's book.

That drove me to get back to it and really study.

I can not say I am an expert in EWA. But this I can tell you... EWA is the backbone in my Price Analysis and I can make 10% or even more per day on my capital.

Nay sayers of EWA probably have a hard time grasping the principles themselves. True it sometimes gets confusing. But one must realize that EWA provides for numerous potential moves of the price and how it can be tracked. USe other strategies to increase probabilities and to validate direction that is most likely.

Trade well everyone.

EG

I see most ppl here posted charts for the cable. Anyone know whats the current counts for the eurusd? im trying very hard to figure this one out. Any help on eurusd is very much welcome.

An invitation to who ever is interested to ride the Cable going up again till 1.43 range from 1.4090-75 range.

I would be watching for 5 waves going up to the 1.4300-50 range

SL @ 1.4937 which is 1 pip below the previous Low of Friday closing

update...
if you used the SL I suggested, then you would have been taken out by now.
there seems to be another move down vefore it actually goes up again I think.

So better check your charts

update 2..
waiting to re-enter AT following levels :

1.3975
1.3936
1.3905
1.3873

initially had 3 different Long positions. with that reoracement, I was able to exit 2 trades at plus1 and plus 2 pips. the 3rd was still -4 so I let it ride. Anywayhave expanded the SL for this remaining Trade. will watch out for potential new Long entry

update3
finally was able to exit the 3rd Long trade for a small profit. now waiting if this price will still go down to the levels I enumerated above

update4
I have been riding the moves down and the retraces earning a few pips here and there. now it seems this has more room to the downside. forget about the invitation.currently down 35 pips on 2 positions. now I will have to wait to relieve me of these 2 long trades and ride this short again

can you show us your counts?

Hello EG, sir

Is it possible that we are getting a double zigzag in the C wave of the X wave, as marked in the attachment. I will be extremely grateful if you please point out any errors in this attachment. This seems to be the only way I can understand the application of this project.

M

I did not check all the details on your chart, but I agree, a double zz on my chart too. Well done. Quite difficult corrections going on now with euro and cable.

My estimate for the turning point (end of wave W) is 1.347.

R

Thank you. That is encouraging for me. I am just a beginner in EW and would really love to learn it as much as i can.

Yes. If we go by the 1:1 rule of the three waves it does come to about 1.347. However, the possibility of getting an overall flat or an extended flat formation in the WXY cannot be ruled out just yet. If that transpires, we may even see a lower low than 1.35. I am just trying to see the various alternatives for now.

5 waves down of 4Bc for Cable on hourly chart near Completion?

Series of charts shows previous projections and how price unfolded.

These are now followed with various ways of projecting potential end of wave c of this b wave in a flat wave 4.

Moiz and Rocroy, You may be referring to the move from 1.4986 down to where price is heading to now as the double zigzag.

EG

Closer view.....

EG