Quote:
Originally Posted by italm31
Hey Eg,
Welcome to our humble little group. We just have 1 rule...you have to always listen to us cause were always right...lol. (just messin' with you). That is a very intuitive chart especially since you give wave iv of the diagonal relatively equal time as wave ii. I don't know if price will go to 217 before a reversal though. In an ideal world, your chart would would be perfect. Only this is not an ideal world. For you scenario to pan out the way you have it, not only would wave v have to end at 217, virtually 600 pips from where we are, but it would have to do so with almost no volatility and in six days from now. which means wed have a week of low volatility and very narrow range days. If this were the holidays, id say maybe, but I think its very unlikely.
Heres my take on it. I don't try to forecast 2 waves in advance. I always try and forecast where the current wave Im in will end. So I will be ready for a reversal. we could already have a temporary bottom in place for the Gbp/jpy. Just pay attention to see if a new swing high is made of low. If we come back down but don't make a new low, the reverse to the uside, chances are, wave 5 will be complete.
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Thank you italm31
That throwover I was expecting did not happen. Thank you for that insight that led to a foresight that the throwover downwards was unlikely to happen. I am not that well versed into all that goes into forex trading analysis. At this point I am still struggling with learning EW.
And below are the charts that I came up with this weekend. I want to bring this out here and maybe get some comments if this is possible or not. I consider EW Counting as an oppportunity to draw out potential directions of Price in the market.
I am attaching 2 charts to support the view that GBPJPY will see a slight downward move this Asia Monday Open then Develops into an EXTENDED WAVE 5 going up for the minimum @ 238.67
But because GBPJPY is a very volatile pair, IMHO, 238.67 is just the minimum which is the 161.8% of the wave0 to wave 3 length, I expect it to go much higher.
EG
