Elliot Wave Trading - Page 101

Jamie Saettele · #**1501** (**permalink**) 11-09-2007, 01:43 PM

Next week, expect a HUGE USDCAD rally if this count is correct. You can see that we would expect a 2nd wave correction and then a iii of a iii of a 3.

Rimu · #**1502** (**permalink**) 11-09-2007, 03:20 PM

The Skippy has met the conventional triangle goal.. not sure about labelling the minor waves in the move though, I always find it difficultly subjective on small time frames... actually I have the same problem on larger time frames too..

Cheers
.........Rimu

marketwavez2 · #**1503** (**permalink**) 11-09-2007, 04:21 PM

What do you think ?............
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Usd/Cad - Was Today's rally a Short Covering Rally ?

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( Double click on chart to enlarge )

nhayah · #**1504** (**permalink**) 11-11-2007, 12:50 PM

good day to all

I think it's quite early to go bulish with the dollar.

many thanks

italm31 · #**1505** (**permalink**) 11-11-2007, 05:51 PM

Quote:

Originally Posted by nhayah

good day to all

I think it's quite early to go bulish with the dollar.

many thanks

Hey guys,
I'm very bullish the dollar right now. There is a very high probability that the Pound has topped in my opinion. I believe a large B wave has just come to an end and big C wave down is about to begin. I have the same count on the other USD pairs. I count 15 waves up since wave B began and that is a corrective count. So if I'm right, we will not make a retracement then a new high. If we do, that would void the B wave. Here is my preferred count on a weekly chart. Only a drop below wave 14 at 2.0257 would confirm my count. Position traders could and should wait till then just because that would confirm the top. Then wait for a large retracement. Swing traders should already be looking for a short position in my opinion.

italm31 · #**1506** (**permalink**) 11-11-2007, 06:24 PM

An educated guess would put the GBP/Usd in a wave c of 2 of an expanded flat. Im expecting a move back to 2.10 or so which evidently is also near wave iv of 1 down.

italm31 · #**1507** (**permalink**) 11-11-2007, 07:39 PM

I expect some choppy price action with in a day or so regarding the Yen pairs. Here is my preffered count for the Eur/Jpy. We should go below Wave 4 (red) at 160.46 to confirm the top, but not before we pull back near 163 50 or so for a wave iv of III.

italm31 · #**1508** (**permalink**) 11-11-2007, 09:20 PM

The ultimate guage for the dollar is obviously the Euro. My count on a larger scale puts her in wave 5 of 11 (or final C in a triple zigzag). Unfortunately wave 5 is not as clear as I would like it but it appears to be nearing a top. Here is my preferred count of only wave 11 as a whole. As you could tell, it looks like atop is near and momentum looks to be turning down. A breech of wave iv (yellow) may signify a top. A better gauge would be a breech of wave IV (blue). I will wait for that to be breeched, then a pullback for a swing trade. The pullback should be deep due to the dollar bearishness.

speculator84 · #**1509** (**permalink**) 11-11-2007, 10:30 PM

Quote:

Originally Posted by Jamie Saettele

Next week, expect a HUGE USDCAD rally if this count is correct. You can see that we would expect a 2nd wave correction and then a iii of a iii of a 3.

Jamie you spooked me out of my short with that call...I guess we'll find out this week. Beer is on me if usdcan reaches .9750 level.

italm31 · #**1510** (**permalink**) 11-12-2007, 05:31 AM

The Yen pairs appear to be in a free fall. A top has been confirmed for the Gbp/Jpy but who knows how far this wave iii of 3 can go. There is a lot of fear in the markets right now. I expect some kind of pull back soon but that would only bring us into wave iv of 3. The larger retracement may still be some time. If a retracement were to begin now, Elliot Wave conventional wisdom would us back 232.40 area.

italm31 · #**1511** (**permalink**) 11-12-2007, 06:18 AM

Here is an update for the Euro Jpy. Wave 4 has been broken. With all the fear in the market right now, I don't know who be crazy enough to try to catch a falling knife but we are in great need of a retracement soon. We seem to be in a v of III but who knows if wave v will be extended as well. A move back to 162. area for a wave IV should happen soon (hopefully).

serhito · #**1512** (**permalink**) 11-12-2007, 07:55 AM

Jamie,

Do you have an update for the dow jones ? According to Boris, all eyes are on there.
Here's what i am seeing. (sorry it is the futures chart)

Thanks

AdrianEI · #**1513** (**permalink**) 11-12-2007, 08:48 AM

USDJPY continues to drop. I thought it was over...

blueman · #**1514** (**permalink**) 11-12-2007, 08:59 AM

anybody agree?!!!!

italm31 · #**1515** (**permalink**) 11-12-2007, 10:07 AM

Hey guys,
For the moment, the Yen pairs appear to have taken a break. This could be wave 4. Price projections estimate wave iv to end near 161.50 for the Eur/Jpy so Ill be looking for a turn downward there. However, as the famous say goes, it aint over till its over. This could also be a wave iv of v of III and we might make one more low before wave IV begins thereby lowering our target for to wave IV as well. here is my preferred count but Ill still wait for a deeper retracement before declaring wave III over or a much longer side wave move.