Elliot Wave Trading - Page 199

italm31 · #**2971** (**permalink**) 01-20-2008, 12:23 PM

Hey guys,
Well, looks like many pairs are going through major reversals here. We elliticians know the reasoning for this lies in a major shift in investor psychology. The shift being whatever worked before, is not working anymore. It's that simple. Down means up and up means down. Long term positions are being stopped out, and its time for a new strategy. That strategy means cash. The Euro and Gold will by far be the biggest shock which means the fall should be violent at least initially.
I don't think you want to miss wave 3 down. Short term, we may get a spike up to start the week in Euro...then again, that spike may not come as C of 2 may take the form of a running flat...but the next fall should bring us near 1.4000 before a pause which is where the 200 day moving average lies. Thats over 600 pips away. Id find a place to short if not already short and enjoy the ride down. Gold should be just as violent. Always keep the big picture in mind before getting into and out of a trade. If you don't already have one, you could borrow this one. Remember where 161.8% of wave A line has not been breeched and that should be where B wave has ended which I have advocated all this time, even though we went down in 3 waves since that line hit.The rise since should be a truncation. This is the count Im working with. By the time wave C down is all said and done, we should be back down near wave A, if not a bit below it. The end of C is not important. What is important once C is over as that you make sure you have as much Gold as possible cause this should be the last Harah of the USD!

italm31 · #**2972** (**permalink**) 01-20-2008, 12:46 PM

Here is my alternate count but as you can tell, this is even more bearish that the latter. As I mentioned before, weather this next fall is a last C wave or an abc wave 2 is not important. What is vital is when this thing ends. That will make or break your future.

brad_1199 · #**2973** (**permalink**) 01-20-2008, 04:51 PM

AUDUSD just might rally back up towards the top... Have patience !! I'm looking to sell at .9380 with a stop at .9403 if it does... I am also looking to get short on a move below .8550 ........

twszatny · #**2974** (**permalink**) 01-20-2008, 08:13 PM

Any thoughts??

Kraniv · #**2975** (**permalink**) 01-20-2008, 08:55 PM

Quote:

Originally Posted by italm31

Here is my alternate count but as you can tell, this is even more bearish that the latter. As I mentioned before, weather this next fall is a last C wave or an abc wave 2 is not important. What is vital is when this thing ends. That will make or break your future.

Thanks for your help and everyones posting on the forum its been very helpful and Ive been a silent (ish) witness in the background. still sharpening my ew skills - say for example we are in wave c in euros, what is the timing of such a wave you think? how long will it last etc?

AdrianEI · #**2976** (**permalink**) 01-20-2008, 09:57 PM

USDJPY Looks like we might start the 3rd leg of C going up at 106.70..If this really is C. Might all be a triangle. I also wouldn't be surprised if it breaks lower. UJ has been somewhat difficult to count lately.

brad_1199 · #**2977** (**permalink**) 01-20-2008, 10:56 PM

It looks like that is now 3 currency markets that look to be heading for a large wave 5 decline.... ( USDJPY, AUDUSD, GBPJPY ) One Phsycology.... All Markets.... I'll probably find more now that I'm on the scent ... :P ANY comments people ??????

marketwavez2 · #**2978** (**permalink**) 01-21-2008, 01:22 AM

Gbp/Usd

Hey there Good Lookin' ............

-----------------------------------------------

msmak56 · #**2979** (**permalink**) 01-21-2008, 02:12 AM

hi guys,,,

can this be a correct counting ??

marketwavez2 · #**2980** (**permalink**) 01-21-2008, 04:09 AM

Eur/Usd

Here is a look at what could be occurring ....

----------------------------------------------------
Only a Probability ! .................... Not Cast in Stone !
-----------------------------------------------------------

blueman · #**2981** (**permalink**) 01-21-2008, 05:49 AM

Euro

Great falling..........anybody who would like to change weekly count in euro??

MAKO232 · #**2982** (**permalink**) 01-21-2008, 06:01 AM

Quote:

Originally Posted by MAKO232

Hi,
this is my count....wave 4 of C of big 4 under construction as abc or abcde..
target wave 5 .... 4540 area....

Welcome your comments....

Good morning...

closed the short at 4540 and opened long at 4537 and 4511
I'm waiting 5 up or 2 of C

blueman · #**2983** (**permalink**) 01-21-2008, 09:42 AM

Euro
i just think 1.4590 level is as strong as (end of enternal wave 4) we though end of wave 3,usually we should see end of wave a or wave 1 at this level ,so i think we are in wave three of( c or big 3),i know when we saw the chart we feel we are in the end of impulsive wave as wave 5....lets price move and then jugde,now it is very tricky for bulish

marketwavez2 · #**2984** (**permalink**) 01-21-2008, 09:51 AM

Eur/Usd

Here is a look at The Eur/Usd ( Mid-Term ) .............

!
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Eushman · #**2985** (**permalink**) 01-21-2008, 10:25 AM

I'm seeing this latest action as a series of 3s, possibly pointing toward a correction lower. I still favour this pair higher, and would not be selling these levels (in case I'm wrong about the pull back). However, a move through the lower line support should open up a short term trade (short USD/CAD) for a target of the 1.0140 area. Either way, I'd be a buyer again at 1.0150ish if we DO see the downside. Comments welcome.