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Elliott Wave Counting with EG

  • #2,461
  • Mar 30, 2009 9:11pm Mar 30, 2009 9:11pm
Quoting Rocroy
Nothing stupid there. Like you, I also think that wave C is not over yet. Here is an other count alternative.

R



Attachment
Thanks for filling up for me R.

Anybody wishing to learn can post and seek confirmation or help from the rest of the EW practitioners here.

EG
  • #2,462
  • Mar 30, 2009 9:14pm Mar 30, 2009 9:14pm
Quoting Suj_cess
I am very impressed by your precision! GBPUSD wave 3 touched the 200% retracement at 1.4100. Its amazing how Fib and Elliot works together. Your analysis is awesome!
Thanks SC..

It is NOT me but EW and FIBS.

Did you see how it bounced from that FE 200.0% level and now has reached the 38.2% retracement @ 1.4300?

Who ever said that Forex trading is rigged? Why would they be predictable at times?

Anyway, those levels are just possibilities. it can surpass the ones that have been pointed out and completely change the wave count again.

Teh key is to be able to adjust your wave count as soon as price violates current potential structure development.

EG
  • #2,463
  • Mar 30, 2009 9:26pm Mar 30, 2009 9:26pm
Quoting el grande
Thanks SC..

It is NOT me but EW and FIBS.

Did you see how it bounced from that FE 200.0% level and now has reached the 38.2% retracement @ 1.4300?

Who ever said that Forex trading is rigged? Why would they be predictable at times?

Anyway, those levels are just possibilities. it can surpass the ones that have been pointed out and completely change the wave count again.

Teh key is to be able to adjust your wave count as soon as price violates current potential structure development.

EG
I agree....the market can be very tricky and always full of surprises. Wave 4 generally retrace till 38% but as long as it doesn't enter the territory of wave 1...its still a valid wave 4.

Just remember everyone...the market is always full of surprises! Make sure you ALWAYS SET YOUR STOP LOSS.
Collecting pips
  • #2,464
  • Mar 30, 2009 9:35pm Mar 30, 2009 9:35pm
4hour chart shows a CS has opened and closed above a downward Resistance trendline. This could possibly lead to a 61.8% retracement ( from the top of 1.2775 )towards 1.4520-37. just a possiblity.

Another reference is a retracement of the possible wave 3 from 1.4633.

A retracement of more thean 61.8% would increase the chances of having a truncated wave 5 down. so if this goes higher than 1.4430, either my wave count is wrong and this is going to go up further or this will result in a truncated wave 5 down.

EG
  • #2,465
  • Mar 30, 2009 10:02pm Mar 30, 2009 10:02pm
It is still valid, just my bad labeling. The count says that we are still in wave iii. This alternative looks pretty unlikely though.

R

Quoting Suj_cess
Your wave iv has entered the territory of wave i. So is it still valid?
  • #2,466
  • Mar 31, 2009 4:55am Mar 31, 2009 4:55am
Quoting el grande
Moiz..

The fearful give up and will never know the results or answers to their queries. This thread is always open to all who wish to study and share their wave counts.

And you are right.... to keep posting your charts and wave counts is a very good way if not a very effective way to learn and find guidance or confirmation or comments from our friends from allover. Let us take advantage of this internet benefit.

Note your Trendlines specially if they form a triangle.

when labelling, I would normally start with A or 1, then B or 2 then C...
Thank you, EG, sir. Just to clarify, the triangle that I have marked is a leading diagonal and that is why I labled its subwaves as i, ii, iii, iv and v. v is where we have wave 1 completed. a, b and c after that is an expanded flat correction, ending at 2. Count ii, in my leading diagonal has not gone beyond the start of i.

Quote
Your count also shows an overlapping of wave 1 and 4. this is usually allowed in a triangle only or in 5 wave structured corrective waves.

This is a great piece of information for me. If you have time, please elaborate on this.

Thank you very very much.

Moiz
  • #2,467
  • Mar 31, 2009 4:01pm Mar 31, 2009 4:01pm
Cable update

Cable temporary top for WC31 seem to be set at 1.4376
Potential retracement during Asian Session for WC32

WC311 1.4210
WC312 1.4134
WC313 1.4339
WC314 1.4249
WC315 1.4376 Ending Diagonal Triangle

WC32 ( Retracement of WC31 )
24.6% 1.4314
38.2% 1.4276
50.0% 1.4245
61.8% 1.4214
76.4% 1.4176
85.4% 1.4153

Andrews Pitchfork initial target is at 1.4280 which is a few pips shy off thw 38.2% retracement of WC31.

being in a wave 3 of a wave C, let us see if this trend is strong enough to bounce from that 24.6 -38.2% retracement level of 1.4314 - 1.4276.

otherswise, usual wave 2 is a 61.8% retracement of wave 1

watching for a possible zigzag retracement.
cunt the internal wave structures of the lower timeframes if you have patience and time. that is if youreally want to find out if EW works on all time frames.

working on smaller timeframes also allows you to practice and apply EW theories more often.

Many would often say that lower time frame is just noise.

To me it is noise to attain silence in the the higher time frames.

This noise is actually the internal wave structure of the higher timeframes.

EG
  • #2,468
  • Mar 31, 2009 4:17pm Mar 31, 2009 4:17pm
Possible resumption of Bull trend after this 23.6% 1.4314 retracement

Price dipped tol 1.4315 on my chart.

based on the lower time frame count.


Lower than 1.4314 will target 38.2% retracement of wc31
  • #2,469
  • Mar 31, 2009 6:13pm Mar 31, 2009 6:13pm
Quoting el grande
Possible resumption of Bull trend after this 23.6% 1.4314 retracement

Price dipped tol 1.4315 on my chart.

based on the lower time frame count.


Lower than 1.4314 will target 38.2% retracement of wc31

Are we still inside of wave 4? i often found myself lost with these zigzags.
Collecting pips
  • #2,470
  • Mar 31, 2009 9:05pm Mar 31, 2009 9:05pm
Quoting Suj_cess
Are we still inside of wave 4? i often found myself lost with these zigzags.

Looking at charts at post 2447,

Price could have ended a corrective wave at wave C or 3

this move up could be wave 4 or wave 1 of the wave 3 UP

This is where you watch for wave structure development in the lower time frames. That is if you are scalping. and are using EW for this.

However if you are trading based on the higher time frames, this is the time to stay aside and wait for cofirmation on what this wave is really.

Going higher than retracing more than 61.8% will increase likelihood of a wave 3 UP in progress.

Going lower than 1.4100 points to resumption of trend down for the wave 5.

check out materials on the 123 Method.

EG
  • #2,471
  • Mar 31, 2009 9:15pm Mar 31, 2009 9:15pm
38.2% nearly achieved with "seems" to be a flat wave.


5 3 5 structure

assignment is to find out what the internal structure is for a FLAT wave.

This could give us the clue on whether this is a correction of the move going up or this will continue to go down.

This is one of the clues that we can use to make an earlier decision on the price forecast direction.

EG
  • #2,472
  • Edited 9:45pm Mar 31, 2009 9:30pm | Edited 9:45pm
4 hour indicates resumption of move UP

But 1hr indicates a possible move down still.


Divergence overall says a wave 5 down is in the offing. Move up was like 50% retrace of the wave 3 or C down.

4 hour stochs is crossing down.
although Daily has crossed to go up.

Trade Well Everyone.

EG
  • #2,473
  • Apr 1, 2009 12:43am Apr 1, 2009 12:43am
5MIN CHART

WC31 1.4210
WC32 1.4134
WC33 1.4339


Expanded Running Flat
WC34A 1.4249
WC34B 1.4376
WC34C 1.4274

Possible end of WC34

Ending Diagonal triangle could be wave B instead of wave 5.

EG
  • #2,474
  • Apr 1, 2009 12:48am Apr 1, 2009 12:48am
Quoting el grande
Looking at charts at post 2447,

Price could have ended a corrective wave at wave C or 3...
Thanks for your insight. Your opinion always help me see the different angle of the counts. I always tend to keep my vision in one direction and ignore the other possibilities. Thanks EG!
Collecting pips
  • #2,475
  • Apr 1, 2009 12:51am Apr 1, 2009 12:51am
Quoting Suj_cess
Thanks for your insight. Your opinion always help me see the different angle of the counts. I always tend to keep my vision in one direction and ignore the other possibilities. Thanks EG!
You are most Welcome SC.

It is not often easy to keep track of the various potential structures that a wave will develop into, specially if you have to moitor various timeframes to increase validation.

But with constant and continuous application and practice of EWA, one develops simpler ways of doing it.

EG
  • #2,476
  • Edited 2:13am Apr 1, 2009 1:05am | Edited 2:13am
after an ending diagonal triangle @ 1.4272 first target would be 1.4327 on AP if price does not go lower than 1.4272.

Move back could have been wave 2 retracing whole of wave 1 to scare off all if not most of the BULLS.


EG
  • #2,477
  • Apr 1, 2009 2:16am Apr 1, 2009 2:16am
Quoting el grande
after an ending diagonal triangle @ 1.4272 first target would be 1.4327 on AP if price does not go lower than 1.4272.

Move back could have been wave 2 retracing whole of wave 1 to scare off all if not most of the BULLS.


EG
That was a quick trade or a nice scalp with some bonus. Target surpassed. Hopefully somebody profitted from that bit of info.

EG
  • #2,478
  • Apr 1, 2009 2:25am Apr 1, 2009 2:25am
Quoting el grande
That was a quick trade or a nice scalp with some bonus. Target surpassed. Hopefully somebody profitted from that bit of info.

EG
Im still on the short at 1.4337 waiting for the big retrace.
Collecting pips
  • #2,479
  • Apr 1, 2009 2:28am Apr 1, 2009 2:28am
count the internal waves and watch out for retracements.
  • #2,480
  • Apr 1, 2009 2:33am Apr 1, 2009 2:33am
Quoting Suj_cess
Im still on the short at 1.4337 waiting for the big retrace.
what retrace are you referring to and from what level is your trade?
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