Hey Picolo,
I don't no what you mean retrace more than the big 5 waves down. I think were in a wave C right now and am expect a reversal back to around the previous wave 4 of the larger 5 wave incline with a minimum of 1.1605 (100% of wave A). Your right, anything can happen which is why its so important to manage your trade and trail stops. I got in a 1.1842 and I now have my stop at 1.1851 (which looks to be wave 2) so I'm don't have alot of my own money
committed.

We just got a possible 5 waves down on the Eur/JPY from a truncated 5 wave at 1.59.63. This reinforces a possible top in the Euro.

Italm, I didnt say retrace more THAN the 5 waves down, but more OF the five waves down. The whole retracement in the flat on an hourly chart was around 38.2%, which is fine, but can always prove to be just the first leg of a correction, especially one after a change in the bigger trend - say in a wave 2 - for my approach it's more typical to retrace around 61.8-76.4%. Not always, of course... and that was just a remark. Regarding where your stop loss is, I must admit I can never follow your trades too thoroughly... simply because u trade on timeframes (1 min, 5 min) way less than those traded by me - those small ones I very rarely look at cause they are too noisy for my trading. If u inserted a chart though, it would be a lot easier. It's not so tough if u know how to save it from your charting software.

The AUDUSD is setting up for a sell this morning. The impulsive decline shown on this 1 minute is being corrected as I type. The yellow circle is the ideal sell point.

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Hey Jamie,

Could you give an update on what you think about USDJPY?

My count is very close to your's and it looks like this is the final leg of the correction. I'm starting to worry since it's retraced over 75%, and I'm hoping both of us didn't count incorrectly. We're very close to 100%!

Adrian

My top count has the USDJPY going towards 118.00 to finish wave c of an a-b-c from 111.59. That count can be found at the daily technicals at www.dailyfx.com...posted every morning at 8 am. I update the 7 majors every morning.

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i think euro is in double zigzag instead of impulsive wave,any body agree with me and what is the ratio relationship between parts of double zigzag ?
blueman

i mean we are in large B wave instead impulsive!!!

A double zigzag from where? Are you referring to the potential double zigzag from 1.1640?

i think from 1.3355,(a,b,c:1.3544,1.3449,1.3684)(w,x,y?:1.3684, 1.3548,?),i think we are in another a in 1.3926 then we have b to end the 1.3778 as you said then c around 1.4000 ,it can be correct?i think it can be double zigzag ?build large b to down again for larg c?around 1.3350 atleast again....
Thanks
blueman

Hi,

joining the discussion on the euro - as to the last move, for now I do label it NOT the way u suggest, blueman. I feel it's an impulse. What I can do though as an alternative to Jamie's count, is label it a finished five wave impulse all the way from 1.336 to 1.3927 where the fifth wave is the extended (equals the distance travelled in waves 1 and three together) and is labeled like Jamie has presented today (for his alternative it is a third wave though). It fits into the following alternate count I have been considering for a long time..... and have kept a count on the daily charts of EURUSD going upwards from 1.163 in a triple "W-X-Y-X-Z" zig-zag! That was inspired by the unimpulsiveness of some of the upward pushes, as well as the "unhealthy" and unimpulsive overlaps all the way.... Anyway... for that count... today's top at the 1.393 region is nice... because at that point legs 1.3262-1.3851 (589 pips) and 1.3360-1.3927 (567 pips) are very equal in length - which in turn is quite typical for zig-zags. For that alternate - a major top can be in place or very close!

For a count like that... as an alternate - please see the chart below.

Happy trading.

Pic

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Hey Picolo,
Its funny how our although our counts differ slightly, Im in agreement with you about the Euro top at 1.3930 as I mentioned thsi morning. We did get a reversal day which further adds to our conclusion.

As for the yen pairs, I believe todays top to be the C wave of 2 and were going much lower YET AGAIN. Im getting fed up of this song and dance as Im sure many of you are as well but the markets have spoken. The GBP/JPY drop well almost 400 pips in a span of 3 hours. You think thats a little BEARISH?

Hey guys. Get ready for another big drop in the GBP/JPY shortly. We have a a 5 wave decline on a 5 min chart followed by 7 waves up (possible double zigzag). A top may be near. We also rapidly approaching the 50 % retracement.

The drop below 232.3 in the GBP/JPY is the initial signal.

Hey guys
A word of caution. I still believe were going down but the way I see it, We are either starting wave 3 down right now or we are in a b of 2 and might get another push upward. If we trade back up above 232.25, we may get 1 more push up to complete a C wave of 2. A break above 232.37 confirms 1 last push up. If you decided to short the 232.3 initial signal, place stop at 232. 47...at least until we get a confirmation that we are in leg 3 down. So far, if we make it below 231.70, that confirmation that we are in leg 3 down.