Elliott wave outlook

Quoting gnomoneey

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sorry cant read the chart. According to your views what level is this move up going to end before dropping?

i'm still bearish for now but that also means that eu is bearish...so confused this week...i'm starting to realize that i might take the week off in trading and sit on my hands.

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Quoting gnomoneey

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why do say that level luis?

au needs to close fully below the 1.0420 if not we will retrace again towards weekly pivot 1.0472 and max 1.0539. I guess we are not finish the retracement from friday's bottom
i'm still bearish on this pair but see this retracement as completion of this left side of right shoulder.

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Quoting gnomoneey

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eur/aud

I like this one as a long
target for now weeklypivot 1.1910
first of august was the turn from bearish to bullish about same time eu has turned also.
took position 1.1810

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Quoting gnomoneey

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why do say that level luis?

au needs to close fully below the 1.0420 if not we will retrace again towards weekly pivot 1.0472 and max 1.0539. I guess we are not finish the retracement from friday's bottom
i'm still bearish on this pair but see this retracement as completion of this left side of right shoulder.

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Quoting gnomoneey

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Attachment

i'm getting very irritated with this pair....but analyze and analyze and maybe it will breakout soon.

h4 chart
we are at the median (dotted green in middle of triangle)
drew triangle thru line chart peaks. trend line in blue
- eu penetrated the upper trendline and let's see if it keeps going up

red trendline is the peaks for candle chart...on this we are hitting resistance and we are still unable to determine direction.
- 4 times hitting resistance
-4 times hitting support

did i tell you i hate this pair this month......

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Quoting Luis Carlos

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If you like Bull Euro, a entry should be 1.2385, target 1.2480

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Quoting Luis Carlos

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Hi Medici:

I see that move from 1.50 as a corrective...So we have 7 swings until (W) and we need 7 more from (X). With that in mind we are doing the sixth swing and I need to see one more down to finish the correction. Also I would like to see break the 40.20 RSI level to think in a bull market, but even better the 50 RSI level...

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Quoting medici

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Disregarding the macro-economic situation and considering the EWs only, this leads to two scenarios:

1) The fifth wave completes down below 1.2050 before a strong correction.

2) The fifth wave doesn't complete, indicating exhaustion on both the bear and bull sides, leaving us with a slow correction meandering upwards.

In addition to the comments aboce, The closeness of the recent 1.2050 low speaks for the latter, as does the time projection for the bottom of the last leg happening points towards the end of the coming week.

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Quoting medici

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Hmm, it seems like tomorrow's FOMC minutes is the only thing between now and my scenario 2 being realised

Any thoughts, Luis?

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Quoting Olu

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Hi LC

I share your frustration in the euro. in fact it is in all currencies. The minute you think we might have a trend developing some fundamental 'news' changes everything again.

how about the scenario I posted in post#630? It is calling for a move to 26xx

Olu

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Quoting Luis Carlos

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Aussie 50% pullback from the top and diverging... Maybe 1-2

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Quoting Luis Carlos

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If you know spanish this is a good elliott wave free webinar...

Me gustaría invitaros hoy a nuestro #seminario diario en español a la 1:30 hora NY /19:30 hora españa. Os dejo link.
https://www3.gotomeeting.com/register/279083158

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Quoting gnomoneey

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Luis,

thanks for the vouch much appreciated..

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Quoting Denden2012

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Time to short the Aussie?

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Quoting Luis Carlos

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THe short was at 1.0510. Now no good RR

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