Elliott Wave Counting with EG

Potential Wave Structures

79% retrace UP for B could result into an overall Zigzag structure and lead to a C down equal to A on the 1hr and 4hr charts

EG

Magenta Alternative

Patterns
Median Lines and Pitchforks
EWA
FIB Retracements and Extentions

and there are many more....

See where they coincide with their retracement levels and Target projections

EG

Potential Storyline for Cable

Trades are based not only on these charts . But are compared to other strategies

EG

Additional Long Term Charts

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EWA as seen thru the Pivot Levels

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Pivot Bounce Possibilities with EWA

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Note that the Daily Pivot coincides with 38.2% retrace of yesterday's move UP.

EG

Achieved partial profits from this

I hope you all made money from these charts

EG

Here is the other scratch paper chart analysis and outcome

I must admit, it can be messy...

EG

Cable Breakout... Anyone?

EG

Potential Wave Count for Cable

On the Daily chart, note the Blue Andrews Pitchfork.

For now .... I consider the move from 1.5705 up to 1.6690 as a w51 and the current development as a w52 down to the following targets:

1.6199
1.6083
1.5913

Using
Fib Retracement and Fib Expansion tool
Andrews Pitchfork

Where they all converge for fib levels.

Going higher than the UML of this downward pitchfork could invalidate the count.


EG

Attached Chart has the Bullish and Bearish EW Potential pattern.

I am currently bias Short on Cable

EG

view from the 1hr chart

It could be possible that prices will be driven up for an extended or expanded B to accommodate price movement later when the US news comes out.

Whether it is good or bad, there is still that potential that Cable will go down to finish w52

EG

looks like w4 of C developed as expanded.

This is one of those scenarios faced by swing traders. 1 moment you see your trade in a profit and in a few minutes the trade is in a drawdown only to come back to profit after a few hours later or days maybe.

if you are not fit psychologically, you will end up entering and exiting trades in panic and most likely at a loss till you wipe out your account.

EG

Good Morning Everyone.

I hope you all had a Great Harvest from London thru the US session.

Here is one of my charts with my doodled lines for possible Cable Price development.

On the 5min chart we can see that Cable has formed a Triangle which most likely is a "B" as 2 is rarely a triangle.

So I would assume that the "A" was formed and C is in development for a longer "C" or it has finished at FE 61.8%

if it is not yet finished then his move down we are seeing is a retracement and can be considered as w2 if the lower median line of a 15min pitchfork lower median line holds up the price.

if price falls below this lower median line, then I would assume that price will continue to come down.

TP of 1.6478 is based on FE 100 where C = A.

EG

'Have already taken an early profit way ahead of the US session.

attached chart shows to potential scenarios.

Scenario 1 : Price will play out a wave B possibly ending as it meets a resistance on the upper Median line of a Schiff's Median Line @ 1.6679 .

This could be a w2 of a bigger W3 of a C in a flat corrective w4 on the weekly.


Scenario 2 :

Thoughts on Cable:

Highest price attained in the US session was @ 1.6596.

This was followed by a retracement then a Bullish Diagonal triangle which ended short off the previous high.

If prevopis high was the Reversal poiny or level, then the leading upward diagonal triangle could then be a w1 of a higher degree wave,]

It could not be a wave A because it was along the trend. the diagonal triangle should have been down ward.

Since it is upward then it is either a w1 or a w5.

1st, it cannot be a w1 because in the succeeding counter move, price went lower than the origin of the supposed diagonal rtiabgle.

Therefore, I would assume that it is an ENDING Diagonal Triangle w5 even if it was short off the previous high.

Therefore, since it is a w5 end as price went lower than the origin of this w5,then that must be a potential REVERSAL

By the way, diagonal triangle was observed on the 1 and 5min chart right after the last peak.

If this argument/assumption is right and you use it to make money in your trades, PLEASE DONATE to CHARITY.


EG

Cable Charts

Cable Development