Elliott Wave Trading

hello, I have a question if you dont mind: how can it be a flat correction if wave a is not equal wave b ?

I am a newcomer, I post my 5 waves draw. please give me some advice.

first of all, there can't be a b c in the 5th wave, it must have an impulsive structure, and about the limits I think it could go down to 1.6250-1.6150 and then will see.

Hi all,

My GBP/USD daily chart..

its my 2 possible count for corrective waves.

I've got the same two possible counts, with my sentiment to the bullish side (as a flat count) for now (one more leg up above 1.6661).

I use MTPredictor and it's very useful: MM based system with Elliot Wave! I use it on Forex with TF higer (> 1H)

Thanks 200ema!!

Btw, do you follow other pairs than cable. If you do, whats your view for USD/JPY. I am thinking of triangle at wave B.

Hi BlueBottle,

I used to follow many pairs, but now have only regularly been following/trading the GBP/USD.

Currently, if I'm correct, the GBP/USD is in the completion phase of wave 2 of 5 (on its way up to C/Y).

I also do cross-market analysis, which is part of the reason I don't think that a top in GBP/USD has been seen yet. If you look at the USD Index, their was a non-confirmation on the EUR/USD high...which means it is very likely that the EUR and GBP will show higher values against the USD in the near future. Once their I'm expecting the USD to gain strength again...NOT because the US economy is going to improve, but rather the opposite, and fear will drive the market(s) to "save" the USD, causing mass backing of the USD...but, eventually this too will be found to of little/no use and the USD will lose favour on the global markets, and we'll see its value drop to approx. $0.70 on the USD/CAD pair.

This outlook (above) is in chronological order, but the time frames will differ. The rally to save the USD will be prolonged compared to the rally that the GBP and Eur have seen...or so I expect.

the market is very confusing these days for counting waves

yeah, for the main pairs it's a bit hard :/ try the less popular

this is what I currently think og G/U. any comments ?

so my ideas for longer G/U TF are: in H1 wave c will be impulsive nature with wave 3 probably extended; and in H4 wave 4.III should be a flat correction and end at 1.5800 or at SMA200 if it goes higher. share your ideas and lets start a discussion

Maybe it's going down for 62% retracement around 1.6120

I found that GBP regain a new upwards 5 waves.

I post my usdx chart, hope to hear your advice.

my eu chart

I've got the same count for EU .
12345 ABC (1-2 and probably now 3rd wave up ).

I think we may be looking at a barrier triangle in the making, with A being the move down from 1.6661 to 1.5802, B running from 1.5802 up to 1.6620, C running from 1.6620 to 1.6210, and that would put us into D which should then also run upwards into the 1.6600 area, but not exceed 1.6661. Followed by E down, completing a 4th wave...which wave 5 of Y yet to come.

Just my thoughts. Either way I think we've got some sideways action that has yet to complete its unfolding. Either scalp the small moves or wait until you fully recognize what the market is doing and then trade it. Or, alternatively, just wait it out and see what the GBP/USD proves a top and short it from there.

Good idea

I don't mind scalping but I think more than 200pips up & down is not in small category, so [range trading] should be more appropriate.

Hey,

Here you have next E/U chart. Everything is going correct with my previous counting. I suggest longs until new top on h4.