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Elliott wave outlook

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  • #7,301
  • Feb 5, 2013 9:50pm Feb 5, 2013 9:50pm
Quoting venzen
EJ turned at 127.71 and has broken lower TL to the downside
yep closed my long
  • #7,302
  • Feb 5, 2013 9:56pm Feb 5, 2013 9:56pm
that looks like a decision to me...
  • #7,303
  • Feb 5, 2013 10:02pm Feb 5, 2013 10:02pm
EJ: Correction to the down move underway - let's see what we have

EU: mild move down but only 3w structures it seems.
cryptocurrency everytime
  • #7,304
  • Feb 5, 2013 10:27pm Feb 5, 2013 10:27pm
EJ: 5w down and a zigzag up to 38% retracement (which is very shallow). Either in wave 3 down now or correction is compounding...
cryptocurrency everytime
  • #7,305
  • Feb 5, 2013 10:46pm Feb 5, 2013 10:46pm
EUR/JPY is hitting support from a positive trendline on the 15 min. if it breaks downward out of this channel it could drop more, but it also has support from the SMA (50 sma), probably going up from here
2.5% per day compounding = $$$$$ ... no need to get greedy now
  • #7,306
  • Feb 5, 2013 10:47pm Feb 5, 2013 10:47pm
EJ compound correction WXY seems to be sufficient to hit 61.8% retracement of wave 1. This is what I expect to see:

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_6Feb2013.jpg Size: 149 KB
cryptocurrency everytime
  • #7,307
  • Edited 11:18pm Feb 5, 2013 11:15pm | Edited 11:18pm
EJ hit 61.8% Fib of initial wave 1. now going down in wave 3. target: 126.40 (1.618 x wave 1)
cryptocurrency everytime
  • #7,308
  • Feb 5, 2013 11:29pm Feb 5, 2013 11:29pm
Quoting venzen
EJ hit 61.8% Fib of initial wave 1. now going down in wave 3. target: 126.40 (1.618 x wave 1)
Venzen you have count on 15m on Ej from 124.please
  • #7,309
  • Feb 5, 2013 11:32pm Feb 5, 2013 11:32pm
Quoting venzen
EJ hit 61.8% Fib of initial wave 1. now going down in wave 3. target: 126.40 (1.618 x wave 1)
Something's wrong. Downward progress in both EU and EJ is slow and keeps retracing itself... action does not make sense following the previous ending diagonal...

Maybe the action leading up to 127.71 was a triangle and this downward phase is a correction prior to another surge upward to 129 (or beyond)?

Did we say 135 was a target?
cryptocurrency everytime
  • #7,310
  • Feb 5, 2013 11:36pm Feb 5, 2013 11:36pm
Quoting Tim_isoara
Venzen you have count on 15m on Ej from 124.please
Tim, sorry I don't... altho' I think Luis posted recent counts yesterday if you want to check the last few thread pages.

CG should come online just now with some analysis...
cryptocurrency everytime
  • #7,311
  • Feb 5, 2013 11:46pm Feb 5, 2013 11:46pm
Quoting venzen
Something's wrong. Downward progress in both EU and EJ is slow and keeps retracing itself... action does not make sense following the previous ending diagonal...

Maybe the action leading up to 127.71 was a triangle and this downward phase is a correction prior to another surge upward to 129 (or beyond)?

Did we say 135 was a target?
For me was ending diagonal in wave 5 on 15m
  • #7,312
  • Feb 5, 2013 11:52pm Feb 5, 2013 11:52pm
Quoting Tim_isoara
For me was ending diagonal in wave 5 on 15m
OK, let's see what the wave action confirms. I must admit I am flying blind here with no idea of where price is heading in the longer term.

Impulsive action to the downside is unfolding after the initial reluctance. The current impulse may end somewhere near 126. If there is a larger downtrend on the cards then we will soon see 124 again (previous 4th wave extreme of larger degree). Other than that I am not sure and am adopting a wait and see approach with opportunistic trade on the impulse moves.

What do you think is on the cards for EJ?
cryptocurrency everytime
  • #7,313
  • Feb 6, 2013 12:02am Feb 6, 2013 12:02am
Quoting venzen
OK, let's see what the wave action confirms. I must admit I am flying blind here with no idea of where price is heading in the longer term.

Impulsive action to the downside is unfolding after the initial reluctance. The current impulse may end somewhere near 126. If there is a larger downtrend on the cards then we will soon see 124 again (previous 4th wave extreme of larger degree). Other than that I am not sure and am adopting a wait and see approach with opportunistic trade on the impulse moves.

What do you think is on the cards for EJ?
EJ 15m i see down move
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy 15m.gif Size: 28 KB
  • #7,314
  • Feb 6, 2013 12:03am Feb 6, 2013 12:03am
If my count is correct then we are in subwave 3 of the 3rd wave now and should see significant distance down to 126
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  • #7,315
  • Feb 6, 2013 12:14am Feb 6, 2013 12:14am
EU attacking a strong pivot at 1.3515... this is going to take time and Euro pairs will probably be in corrective holding mode for a while...
cryptocurrency everytime
  • #7,316
  • Feb 6, 2013 12:56am Feb 6, 2013 12:56am
sorry guys i was asleep. looks like our support/pivot point stayed strong. would not take short till it breaks that. it if does next price action support isnt till 124. and we would be looking at a retrace towards 123. i dont know elliott well enough to give a count or any other views with it.
  • #7,317
  • Feb 6, 2013 1:10am Feb 6, 2013 1:10am
Quoting xfatboi
sorry guys i was asleep. looks like our support/pivot point stayed strong. would not take short till it breaks that. it if does next price action support isnt till 124. and we would be looking at a retrace towards 123. i dont know elliott well enough to give a count or any other views with it.
We have a support/pivot level nearby? What price level is that, xfat?
cryptocurrency everytime
  • #7,318
  • Feb 6, 2013 1:16am Feb 6, 2013 1:16am
Quoting venzen
We have a support/pivot level nearby? What price level is that, xfat?
wasnt price action. its an indicator on a system i learned at one point. i can get screen shot if youd like.
  • #7,319
  • Feb 6, 2013 1:18am Feb 6, 2013 1:18am
Quoting xfatboi
wasnt price action. its an indicator on a system i learned at one point. i can get screen shot if youd like.
Sure, i'd appreciate that
cryptocurrency everytime
  • #7,320
  • Feb 6, 2013 1:27am Feb 6, 2013 1:27am
EU attempting the lower TL at 1.3525 again. Below that lies 1.3515 - a strong pivot level which has to be convincingly broken for price to continue lower
cryptocurrency everytime
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