Elliott Wave Counting with EG

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Ok...cable has been performing really well the past week. This wave up has been a confusing one from the beginning. Got me relabeled my charts over and over again.
After the testing 1.4772 level, now i must make the assumption that its heading for a 38.6% - 61.8% retracement? Just my EW novice point of view.

The Elliott Wave principle is a form of technical analysis that attempts to forecast trends in the financial markets and other collective activities, named after Ralph Nelson Elliott (1871–1948), an accountant who developed the concept in the 1930s, he proposed that market prices unfold in specific patterns, which practitioners today call Elliott Waves. Inspired by the Dow Theory and by observations found throughout nature, Elliott concluded that the movement of the financial market could be predicted by observing and identifying a repetitive pattern of waves. In fact, Elliott believed that all of man's activities, not just the financial market, were influenced by these identifiable series of waves.

Elliott based part of his work on the Dow Theory, which also defines price movement in terms of waves, but Elliott discovered the fractal nature of market action. Thus Elliott was able to analyze markets in greater depth, identifying the specific characteristics of wave patterns and making detailed market predictions based on the patterns he had identified.

If you are interested you can read the whole article at Elliott Wave.

Cable Potentials

EG

Cable on 4 hour chart could potentially develop an

ABC where B is potentially a triangle.

Watch for the breakout and take your cue from there.

EG

what do you think guys ?

offhand 5 of 3 on your 4 hour chart

Cable 1 hour Chart Probabilities

EG

hi eg. your count is like mine on cable.

wmploying other system along side EWA...

it would seem Cable will be ranging in that box.
on the lower time frame, it went down a little then up.

overall, it would need to go toward the mid of that range box and come down again before going up towards that top of the range.

still possible to gather 15-100 pips a trade in this range unless you are so good that you can get more than 100 pips per trade here.

EG

ooooooppppsss......

it did not go that low before turning up.

there is really no sure system to predict price..... only probabilities

but if you watch long enough or stay around to watch the price, you will see signs of price turns in each time frame.

anyway,

based on a 5minute TF, it is possible that Cable is ready to go up to the 1.5 levels as it has encountered a a possible support from a downward trendline ( although the last bounce was partially breached which is why I have a few doubts that this up move will really go up to that level or beyond.

because looking at the higher 30 min TF, there is still a possible downward trendline from where a possible support can be found for another bounce which is in the 1.4450/1.4500 range

Attached is a series of 4 hour charts which is set with the Andrews Pitchfork, Pivot Levels and Indicators which could assist to determine Possible Divergence and Wave Counts.

First Set Includes

GBPUSD
EURUSD
AUDUSD
NZDUSD

EG

Second Set Includes :

EURJPY
GBPJPY
Dollar Index
Gold
Oil


EG

am watching & learning, EG. More power, more pips to u

GBPUSD Potential Direction for your EWA using Pitchfork Analysis

The idea is for price to stay within the pitchfork and for it to reach the Median Line before it reverses.

Otherwise, a fast breach of the median line will usually be followed by a pullback to the medianline before it continues with the direction of the Pitchfork.

Potential levels of reversal will be Support and Resistance Levels (Daily, Weekly or Monthly ) Best when they match up with Fibonacci levels of the previous days range.

EG

GBP Daily

1st chart
would indicate that A or 1 is in 3 waves, so this is basically a wave "A" as I see it more as a 3 wave structure.

Internal "b" is an expanded flat

Then we have B or 2 in a 3-3-3 wave structure

Notice that the wave C or 3 is indicated to form an ending diagonal triangle.
I am inclined to consider this as an ending diagonal triangle because of its form and how it has stayed within the framework of the Daily Pitchfork. It may have exceeded the time alloted for it to finish an expected wave in the Daily framework, but to me the development of an ending diagonal triangle results in a short wave than it is expected to develop as an impulse wave.

3rd Chart
Now... if this is to be considered as an ending diagonal triangle, I would consider this as the end of the C wave.... of what I labelled as C or 3.

end of this proposed ending diagonal triangle has exceeded the end of A or 1. initially I would have proposed that this ending diagonal triangle may just be a leading diagonal triangle 1 of the bigger wave C. however.... because it has exceeded end of wave A, then I am more inclined to consider this as an ending diagonal triangle wave C.

EG

internal wave counts

still others may argue that this is just possibly a leading diagonal triangle wave 1 of a bigger wave C...

that is because that move down after that magenta 5 which is seen as possibly in 5 waves could be the wave "a" followed by possibly 3 waves up as a "b" wave of a wave 2 of a higher C.

should this be the case, then wave "b" could still exceed end of wave 5 or origin of wave "a" as an extended flat is allowed to have a "b" which is at a maximum 132% of "a"

however, that "a" may also be considered as a zigzag wave 2 and the "b" may be the 1-2 and part of 3 of a bigger wave 3 up of the higher degree wave C.

but... all those may be what others are thinking just as I thought before before I begun dissecting each aspect.

now these views are just how I see them and only represent my opinion that forms the basis of my analysis. these are to be considered as just potential counts on this higher time frames. one still needs to dissect the smaller timeframe to reduce the amount of stop loss instead of using these analysis that requires a much bigger stop loss as it is in the higher time frame.

EG

4 hour GBPUSD

on a closer look..

Magenta A or 1 is more like wave 1 and magenta B or 2 is more like wave 2
for this to be valid magenta wave 2 must notexceed 1.5068 which is the end of proposed wave C or 3 (in this case wave C ending diagonal triangle )

to my mind, price from where it is now must not exceed 1.4947 either otherwise the proposed move up would likely have to be very near 1.5068

If I consider this move up from A or 1 Magenta as wave 2... then it cannot be a triangle wave as wave 2 rarely develops into a triangle.

the question now is.....is wave 2 finished?

in the 1st chart in this post, price waves of proposed wave 2 has stayed within the 4 hour pitchfork but under the daily pitchfork.

on the 60min and 30min and even the 15min pitchforks, price has been piercing the support of the lower upward median line.

but on the 5min pitchfork, price has fallen off the timeframe pitchfork. it may be the beginning or it may not. but it is something to watch for if you want to reduce your stop loss when placing a trade.

Usually, price would reach the Pitchfork median line. But in other cases, price does not get to reach the pitchfork median line. but it you check on the Schiff's median line method, price would the Schiff's median line as the alternative target before reversing.


EG