Elliott Wave in Forex 5 waves down?

In every Elliott wave chart I have seen, it is always 5 waves up bull trend and then ABC bear correction.

Is it always 5 waves up and ABC down? How on earth can we see a 5 wave down bear trend? Nobody ever talks about it.

How can Elliott wave be applied to Forex when price can move either way, and there is no real bull or bear direction?

I'm no expert but when I look at the ftse100 I can see the elliott waves very clearly but when I look at currency charts I see a different wave pattern. I came to the conclussion that currencies waves are similar but isnt the elliott wave pattern.

Good question; There is a downward impulsive wave. It will be one of the legs of a pattern with a higher degree (C of a bigger flat or zigzag).

Impulse and corrective waves can be up or down. Makes no difference, the same principles still apply.

Tell me where does the 5 waves down Elliott wave begin?

5 waves up, ABC down, and then 5 waves down???

There is no formula. The market does what it does. You are looking for a majic bullet but none exists

You still do not understand what I am talking about.

Never mind, looks like you do not understand Elliot Wave pattern yourself.

you could use MACD to count them. although I don't but that's what MACD is supposed to be good for. counting waves set at 5 34 5 or 5 20 30.

even then, you could have an extended trend. but if you look at a higher time frame, it's still not even on wave 5 which explains an extended trend on a lower time frame

so Multiple time frame analysis (fractal analysis) is needed to use and spot them correctly most likely.

I do not mean how to count waves, but rather to know the continuation of the Elliott Wave pattern in order to reach 5 waves down.

All I know is that the Elliott Wave pattern is simple 5 waves up followed by ABC down, and then 5 waves up again, and then ABC down, etc.

How then do we ever get 5 waves down and ABC up instead?

Oh, that would be 5 sets of higher highs and higher lows in an up trend. then an ABC complex retrace.

opposite for a down trend.

even within each wave, you can have an ABC retrace then continuation according to the theory. those are the better trades.

Dr. barry burns course explains this pretty thoroughly. pretty good read on how to use indicators though. do a google search for it to "find" it

I'm pretty sure I understand you correctly. You seem to think there is a starting point (the bottom) then price moves up 5 waves and back 3 and so on. But this is not the way it works. There is no one starting point. Elliot wave counting is not nearly as simple as counting 5 waves up, three waves back, ok we must have another 5 waves up now. There are many different possible outcomes for each of the many different possible wave counts.

I am probably not the ideal person to answer here as whilst I believe elliot wave does a very good job of describing market behaviour I found it to have very little if not any forcasting value (for me anyway). So I do not use it in my trading except for occasionally using it as a very general tool to help piece together the overall landscape. I have however studied elliot wave quite a bit in the past and I can answer your very elementary question (no offence intended, but it is very elementary) as I did in my first reply. Any elliot wave or series of waves can form in any direction. It does not matter, up or down, the same priciples apply. You can just as easily have 5 waves down, 3 waves up, 5 waves down and 3 waves up as you can the opposite.