Definitely...that is something that I am watching closely.

My count is same as Jimbo's published there. Was buying yesterday morning at 1.4630, adding today. The fact I am considering it as a triangle, makes me very suspicious of a spike ending there. On the other side, I DO NOT see any reason to get out of the trade at this point and fade the usd weakness.

Italm, my trip was great really. Shame it ended with me getting some crazy bull---- illness and spent nearly 4 weeks in bed having 40 degrees (that's celsium) temperature.

One thing more... that goes out to Spin... what you think of olie goldie? u got any counts on that? i feel we might see more downside after a correction back to 810ish, cause the move lower was nice 5 waves.

I agree picolo. As I said, I am watching closely for any signs of a top but in the FX market, 5th waves will often extend (up and down).

This happens because the emotion that drives currencies is fear. Fear is a powerful emotion; much more powerful than greed. Greed leads to tops in the stock market but fear leads to bottoms in the stock market....bottoms in the stock market look like both tops and bottoms in the currency market.

Euro/ Usd ....
Price boeke out of this triangle overnighgt !
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Price is now touching a 618% Line .............

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Don't wanna scare anyone by doing an italm

But 5 clean waves up on a 1 min chart. You can count it on Euro too from the high. We'll see where it goes from here. Another new high means the top isn't in yet for Euro.

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A huge drop in the USD wouldn't make much sense atm. I don't see the last leg of UJ happening soon.

I could be wrong.

And w/b Pic. We don't need any fellow elliotticians dying on us :-p

1 min chart has a nickname of "italm" here Johan? That really is funny. But I wont go to the 1 min chart for direction, no thanks. I'm of those for whom even a 15 minute chart is too noisy, and too blurry.

I wouldnt expect a huge drop in usd atm either. i feel good looking at USDCHF daily chart and it's quite easy to note what the structure from 1.18ish is telling us. going lower in the 5th. And I can see it going to 1.1 easily. So currently no reason to abandon the usd short yet.

What's behind UJ?

Picolo I think the gold chart is of the see what I wanna see variety lol
I actually have this as a count, though very low confidence. Not sure where you see a clear 5 down, curious to see that.

I post silver and platinum also, because they tend to reinforce the view that I have no idea which way this is going in the very near term, because they are pointing in different directions. Longer term up, I agree I think this is a correction.

One thing though, I think wave 5 down in the stockmarket is either not finished or not started, either way I don't think the bear has eaten enough fish yet, so this helps your "this isn't over" case.

Spin

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Ok, I missed the part where I said the 5 lower was a clear 5. That was a very cocky statement. I'd rather say I see a good possibility of labeling it 5 waves down. I'll show when I get to seeing the charts back at home. The graphs cme out really ugly from reuters at work.

Actually you said nice, not clear, which doesn't qualify as cocky, either way I didn't take it that way.

how we can recognize the wave i of 5 is diagonal triangle,as we see the wave 4 in the second pic is more acceptable in the first step counting but now it failed,anybody answer?

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GEE Thanks Guys...Im honoured!....lol. thruth is a love the 1 min. I get in and out of trades lasting several minutes to a few hours sometimes because of the 1 min. I don't use it as direction. 1 min charts build the 5 min chart thats it. Its fun to watch. Its also great to practice your elliot wave skills cuase things happen so quickly. Its just an important componet to trading as any other chart depending on your time horizon.

I don't know guys. I have a very bad felling about this afternoon. As time goes on, the Eur/Jpy is becoming more and more clear. This consoldating thats been going on the week or so feel an aweful like a wave 2. This decision the afternoon could easily be the start of WAVE 3 Down! If Im right, its a running flat VERY BEARISH! Im looking at a possible crash in the Euro as well.

Spin, here's my gold count.

Maybe it will look weird to you... BUT I will explain shortly my approach lately... I have changed my style slightly from expecting clear book-perfect EW patterns to just looking at impulsive patterns and sideways, 3-wave, corrective patterns.

What I mean... Wave 1 definitely isnt picture-perfect impulse, BUT the action after that was clear 3 waves with an extremely quick fall back from 845 to 825. so I label it 1-2-i... we do have a consolidation phase after that (it's not a clear pattern, but it's corrective and it comes nowhere close the previous 2nd wave high spike.... that phase is "ii". Then a clear impulse (anyone can label it how u want internally, doesnt matter for me) lower - that's the "iii", quite clear a-b-c higher with b being clear 3 waves. Plunge lower - equals 0,618 of distance from top ("2") to bottom of iii - a good projection for wave v. Then a three wave sideways pattern which by itself suggested lower lows to come (and played out just like the "2" just on a smaller scale - spike, retrace, then respect the high of "a" within correction, then lower). And then a clear (cockily clear!!!) 5 waves lower.

I was a ready buyer of gold and eurjpy after the analysis yesterday. I just wanted them all to complete patterns with new lows. They did, only I was asleep at 4-5am in the morning here, when they did. Woke up - XAU was 15$ from bottom, eurjpy was 1 big figure from bottom and I couldnt get my risk:reward right. Had to pass on those trades.

Feel my count is a mess?

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