Radical Cable View
There seems to be more room going down for Cable.
The 1 hour chart would indicate that a wave 4 of wave 3 down seems to have finished and the wave 5 down will or has started.
This you will notice is a radical change ( at least that is how I see it ) from my previous wave counts.
EG
Elliott Wave Counting with EG
- #2,422
- Mar 16, 2009 1:16am Mar 16, 2009 1:16am
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
EG sir, just a question, please. The wave 4 of III, as you have it marked is entering the range of wave 1 of III, I know you have written earlier that there can be exceptions. However, is it not too early to count on an exceptioin at this time?
wave 4 consideration is now eliminated and wave 32 may be in play.
However, because of that GAP down opening, That GAP may have to be treated as the Middle of a wave 3, In that case more room to go UP.
GAPS may be used as signals for trend direction in EWA
EG
- #2,423
- Mar 16, 2009 1:41am Mar 16, 2009 1:41am
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
Finally opens @ 1.3913
To many this would be a GAP Down.
Unless this GAP is FILLED , I intend to trade just SHORTS for Cable even if it goes up.
Once the GAP is filled, I could start looking for opportunities to Buy Cable again.
To summarize:
Below the GAP always I will be shorting the Cable after every slight rally.
If the GAP is filled, the Will BUY Cable at every dip.
EG
There will still be retracements as this goes up so count your waves
- #2,425
- Mar 16, 2009 10:00am Mar 16, 2009 10:00am
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
Attached is the 30 minute on gbp/usd. If the marking is correct, we should expect the 5th of the third coming up soon. EG sir, your comments would help me learn.
But if price continues to go down below 1.4054, then more downsideis expected.
EG
- #2,426
- Mar 16, 2009 2:34pm Mar 16, 2009 2:34pm
downward move seems to be in 5 waves. but we are anticipating this as a correction. since this move has been in 5 waves then a zigzag may be in the making for wave 4.
But if price continues to go down below 1.4054, then more downsideis expected.
EG
- #2,427
- Edited 10:55pm Mar 17, 2009 10:32pm | Edited 10:55pm
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
Divergence plays a major part of my EWA .
4hour is bullish
1hour is bullish
30min is bullish
15min is seems bullish
A move going up now would find the following as critical levels if surpassed:
1.4072
1.4110
EG
4hour is bullish
1hour is bullish
30min is bullish
15min is seems bullish
A move going up now would find the following as critical levels if surpassed:
1.4072
1.4110
EG
- #2,429
- Mar 17, 2009 11:40pm Mar 17, 2009 11:40pm
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
Hi EG, long time no see
what about you? how has your trading been moving along?
EG
it would now seem that a 5 wave structure in the micro scale has been finished from 1.4027 to 1.4062.
vrery likely that retracements will be shallow from here on @ 38.2% or 23.6%.
- #2,430
- Mar 18, 2009 12:40am Mar 18, 2009 12:40am
Yes. have not been posting as often as I used to but still around.
what about you? how has your trading been moving along?
EG
it would now seem that a 5 wave structure in the micro scale has been finished from 1.4027 to 1.4062.
vrery likely that retracements will be shallow from here on @ 38.2% or 23.6%.
- #2,431
- Mar 18, 2009 12:44am Mar 18, 2009 12:44am
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
Divergence plays a major part of my EWA .
4hour is bullish
1hour is bullish
30min is bullish
15min is seems bullish
A move going up now would find the following as critical levels if surpassed:
1.4072
1.4110
EG
1 and 5min TF stalled all that Bullishness on the higher TFs.
- #2,434
- Edited 4:04pm Mar 26, 2009 3:38pm | Edited 4:04pm
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
deferring the Radical wave count on Cable and going back to former count.
Below are the potential scenarios to watch out for.
Note that fib retracement tool and fib extention tools were used inconjunction with the EW Guidelines.
Each chart in a separate post to separate the different timeframe charts for possible addition of comments later.
EG
Looking at the Daily Chart TF, we can see that proposed B wave of 4 has retraced wave 4A by more than 76.4%. So this is more than the 61.8% limit for a Zigzag correction.
This brings as to assume for the moment that if this is a wave 4, then the correction is probably a corrective FLAT or a possible triangle or a complex corrective wave. wave 2 was a running FLAT so by guideline of alternation. this should be a zigzag , a triangle or a complex correction.
by the looks of the development that we have on this pair now.it would seem that we have to cancel the zigzag scenario "for the meantime" as the current structure eliminates that potential.
So I will treat this still as a possible FLAT but for now it will be considered as a FLAT wave "a" in a wave 4.
Which brings me to further assume that this correction will be expanding sideways and will take a longer period of time to finish.
You will see that with the use of the fib extention tool, possible target for C is @ FE 100.0 Magenta on the right side of the chart.
Your potential levels are
FE 61.8
FE 100.0
FE 161.8
Then refer to the retracement of wave 2. See the Dark orange retracement tool.
Wave 4 usually retraces wave 3 by 38.2% up to 61.8%
Below are the potential scenarios to watch out for.
Note that fib retracement tool and fib extention tools were used inconjunction with the EW Guidelines.
Each chart in a separate post to separate the different timeframe charts for possible addition of comments later.
EG
Looking at the Daily Chart TF, we can see that proposed B wave of 4 has retraced wave 4A by more than 76.4%. So this is more than the 61.8% limit for a Zigzag correction.
This brings as to assume for the moment that if this is a wave 4, then the correction is probably a corrective FLAT or a possible triangle or a complex corrective wave. wave 2 was a running FLAT so by guideline of alternation. this should be a zigzag , a triangle or a complex correction.
by the looks of the development that we have on this pair now.it would seem that we have to cancel the zigzag scenario "for the meantime" as the current structure eliminates that potential.
So I will treat this still as a possible FLAT but for now it will be considered as a FLAT wave "a" in a wave 4.
Which brings me to further assume that this correction will be expanding sideways and will take a longer period of time to finish.
You will see that with the use of the fib extention tool, possible target for C is @ FE 100.0 Magenta on the right side of the chart.
Your potential levels are
FE 61.8
FE 100.0
FE 161.8
Then refer to the retracement of wave 2. See the Dark orange retracement tool.
Wave 4 usually retraces wave 3 by 38.2% up to 61.8%
- #2,439
- Edited 4:16pm Mar 26, 2009 3:45pm | Edited 4:16pm
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
