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Elliott Wave Counting with EG

  • #2,361
  • Mar 10, 2009 4:33pm Mar 10, 2009 4:33pm
Quoting Moiz
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.
Moiz...

You are on the right track. Rocroy, thanks for covering for me.

As you can see on the series of charts that have just been posted, which were initially drawn from last week, the potential for the double zigzag , the flat and the extended flat limits were set.

The double zigzag for the b wave from 1.4986 was supposed to end at 1.3770 which is the 1st blue horizontal line on the chart below. This is considering Price and Time.

But as it turned out, this was exceeded as price went lower. Here, the premse was c = a. since this has been exceeded we now move to c = 1.618 ( a ). Just as a guideline.

Moving up a scale or degree, we then see that this supposed wave 4 has finished wave A and is developing the supposed doublw zigzag wave B.
W now look at this as wave B retraceing wave A.
> 61.8% then this could be a FLAT
> 100% up to 132.8% then it is an extended flat.

the arrow below that 132.8% level indicates that the supposition that this was a potential extended flat wave 4 was wrong and that price will continue to go down.

EG
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  • #2,362
  • Edited 3:16am Mar 11, 2009 2:48am | Edited 3:16am
Cable watchers...

check your 1hour chart and that potential range of reversal with that Possible ENDING Diagonal triangle for a wave 5 of this wave c of the double zigzag B of wave 4.

Probably get ready for that wave C trip up at London or US Session.

update : or check that Weekly Support Level 2 @ 1.3582 which usually serves as a Strong Support Level.

Guys... note too that Full Moon is on March 11 0238 HRS Potentially a period of Price Reversal.


EG

Donate to Charity if this helps you .
  • #2,363
  • Mar 11, 2009 3:53am Mar 11, 2009 3:53am
Brilliant and very comprehensive analysis, EG. I hope to be able to do that some day too.
  • #2,364
  • Mar 11, 2009 4:00am Mar 11, 2009 4:00am
OR NOW IS NEARING WAVE 2 END @ 1.3700

so wave 3 Up of a wave 1 of Bigger wave C starts.

update
1718HRS in the Philippines now GMT +8

looks like a wave 4C1-2c4 now and a final dive to 1.3700 which is 61.8% retrace of wave 1 up if the wave 1 of C.

this is if we consider 1.3654 as the bottom. Note that the wave 1 of the downward wave 5 of C seemed to have a very shallow retrace for wave 2 which made it quite undiscernable fr wave counting resulting in a possible lack of 1 more wave down.


But as I write now..... we may not be seeing 1.3700 for some time as the wave 5 I was looking for may have been truncated and supposed wave 4 has overlapped wave 1 already.


well I got in @ 1.3713 anyway. would have wanted to load some more.
  • #2,365
  • Mar 11, 2009 4:21am Mar 11, 2009 4:21am
additional load at 1.3737 at the possible wave 2 of a wave 3 up of the wave 1 up of this wave C up of bigger wave 4.

SL @ 1.3700
  • #2,366
  • Mar 11, 2009 4:37am Mar 11, 2009 4:37am
Quoting Moiz
Brilliant and very comprehensive analysis, EG. I hope to be able to do that some day too.
Hello Moiz...

I am sure you can. you already seem to be doing fine with what you initially presented. It took me a lot of time to really be able to identify waves.

Anyway, just post your charts here whenever you want to. I will be in the forum from time to time. Besides there are still others here who will answer your queries if I am not around.

Happy Pip Harvesting

EG

..... Remember to select the wave 3 and waves C as your priority waves to trade. It just takes constant practice. Soon you will see how you can keep doubling your capital from your earnings.
  • #2,367
  • Mar 11, 2009 5:30am Mar 11, 2009 5:30am
Potential for Cable if this does move up for our wave C of Bigger wave 4:

EG
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  • #2,368
  • Mar 11, 2009 5:44am Mar 11, 2009 5:44am
Levels that coincide:

Based on Price retracement this potential wave 4 seems to be a FLAT as it has retraced more than 61.8% of wave A.

If wave B is finished, then Projection levels for wave C would be as follows:

1.
C = A
C = A (1.618)
C = A (0.618)

2. Wave 4 as retracement of wave 3 from Wave 2
31.8% Wave 3
50.0% Wave 3
61.8% Wave 3

3. Based on retracement value of wave 2 from wave 1
Since wave 2 retraced wave 1 by 61.8%
Wave 4 then would potentially retrace wave 3 by 38.2%

4. Usually wave 4 develops inside a channel. that is why I drew those 2 channels on my chart.

Having these guidelines, I would say that Potentially wave C would be 1.618% of wave A and this coincides with the 31.8% retracement of Wave 3.

Happy Harvest Everyone

EG
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  • #2,369
  • Edited 6:54am Mar 11, 2009 6:23am | Edited 6:54am
Target would be

1.3958
1.4016
1.4042
1.4125

Possible end of wwave 4C1 could be @ 1.4042 to 1.4125
Then we might see a retrace down to 1.3800 for the 61.8% rertrace of wave 1 by Wave 2.

Weekly Pivot is @ 1.4117
Murray Math Strong Resistance Level is @ 1.4168

Let us grab these Pips

EG
  • #2,370
  • Mar 11, 2009 6:32am Mar 11, 2009 6:32am
Hey buddy
how are you? Nice analysis............ Could you please let know what was the best source for you to master EW theory and application to markets?

Thank you very much.



Quoting el grande
Levels that coincide:

Based on Price retracement this potential wave 4 seems to be a FLAT as it has retraced more than 61.8% of wave A.

If wave B is finished,...
BANDA333
  • #2,371
  • Mar 11, 2009 6:44am Mar 11, 2009 6:44am
Quoting BANDA
Hey buddy
how are you? Nice analysis............ Could you please let know what was the best source for you to master EW theory and application to markets?

Thank you very much.
Prechter and Frost's Book is still Tops for me.
Balan is a very good addition as it shows various wave structure combinations specially for the corrective waves.

Don't forget..... hours of chart watching and and practice, practice , practice.... hours and hours of practice.....


EG

note... I can not even say that I have mastered EWA . There is so much to learn and apply...
  • #2,372
  • Mar 11, 2009 6:56am Mar 11, 2009 6:56am
Possible end of wave 4 inside wave 3 of wave 1 could be at 1.3785
Then Up we go again.
  • #2,373
  • Mar 11, 2009 7:10am Mar 11, 2009 7:10am
Hey buddy.....

Thank you very much for info. In my opinion you have mastered EW

Like your analysis and try to incorporate wave theory to my analysis

Thank you buddy




Quoting el grande
Prechter and Frost's Book is still Tops for me.
Balan is a very good addition as it shows various wave structure combinations specially for the corrective waves.

Don't forget..... hours of chart watching and and practice, practice , practice.... hours and hours of practice.....


EG

note... I can not even say that I have mastered EWA . There is so much to learn and apply...
BANDA333
  • #2,374
  • Mar 11, 2009 7:41am Mar 11, 2009 7:41am
EWA_001

W4C1_3 is developing and expected to end at 1.3953
then retrace by 31.8% to 1.3858

before it moves up again towards 1.4078

Let us see if this works out fine

EG
  • #2,375
  • Mar 11, 2009 1:17pm Mar 11, 2009 1:17pm
Sorry for the mix up earlier...
retracement towards

1.3784
1.3772
1.3760

watch out for the potential inverted head and shoulder on the hourly chart.

EG
  • #2,376
  • Mar 11, 2009 4:49pm Mar 11, 2009 4:49pm
Wave development in the past hours has been slow. Which generally is normal after the US Lunch time as someone mentioned before that profit taking occurs prior to the lunch break in US.

Have been watching the charts and the candlesticks develop and it would seem that we probably are getting an expanded triangle on the wave 1 of this wave C up of wave 4.

Currently closest resistance above where price is now is the previous days High at 1.3907.

From here I would think that price will retrace this upward move during the Asian session down to 1.3794 or we can check were the 61.8% retracement would be for the days upward move.

EG
  • #2,377
  • Edited 5:15pm Mar 11, 2009 4:52pm | Edited 5:15pm
Quoting el grande
Sorry for the mix up earlier...
retracement towards

1.3784
1.3772
1.3760

watch out for the potential inverted head and shoulder on the hourly chart.

EG

Inverted head and shoulders on the hourly chart Target just lacks a few more pips to match the previous day's high and thus complete the 5th wave of the wave 5 inside a bigger wave 3 which seems to be an expanded triangle.
  • #2,378
  • Mar 11, 2009 5:30pm Mar 11, 2009 5:30pm
w2 retracement for me below 1.3844 would indicate that the 5th wave inside the expanded wave 1 triangle resulted in a truncated 5th.

So price is likely to come down now towards 1.3794

EG
  • #2,379
  • Mar 11, 2009 5:52pm Mar 11, 2009 5:52pm
on the 15 min chart, there is a possibility that wave 5 up inside wave 1 is still in development .

As in smaller degree w1 and wave 2 has just finished.

Instead of an expanded triangle for the big wave 1 of wave C in wave 4, a motive wave is still possible as wave 1 end at 1.3838 has not been overlapped by wave 4 yet and it is now likely going up again.

These are just notes for future reference and not trade calls.

It would be good to be able to document if we can really track prices in this very liquid market and dispel the notion that forex trading is rigged.

Nevertheless, let us see if price indeed could possibly be tracked using EWA.

EG
  • #2,380
  • Mar 11, 2009 6:27pm Mar 11, 2009 6:27pm
hhhmmmm.... other options

W4C134 would be the last label on my chart for Cable now. which means that wave 5 will follow for as long as 1.3838 is not overlapped.

then this flies again.

EG
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