Here is a possible medium term count for the GPBUSD ... EGG this is your favorite pair, can you give us an update for the count you're following?

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I would guess so. There has been some pretty strong positive correlation between USD/JPY and USD/CHF for the past couple of months.

Update on short term EURUSD chart from Yesterday... Indeed EURUSD was a cheap buy yesterday

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Sure was . Logged on this morning to about 125 pips in profit and still running. Now off to work shortly, what a great way to start the day.

Nice work again Brad!!

You should give up all other pairs following your recent track record with this one!

Your in the hot seat!

regards

Ray

I would assume you are referring to me...... please note that I normally write EG888 or plain EG (which stands for EL Grande which is a name I use in the different forums I visit). Too often a number of you my friends write EGG... do the 8s blurr your vision ) ?

Stll no offence taken on this.

Anyway, fxctrader.... my count is almost like yours. But I was a bit wary of the way the candlestick formed where we got the 1.9363. I do not trade pure EW. I mix it up with my technical indicators, patterns and trying now with candlesticks or price action too.

In my previous posts I have illustrated that my wave count for GBPUSD could go down to as low as around 1.8900 even for an expanded B flat before if goes up to around 2.0500.

from the 1.9363, I am able to count 5 waves already. Initially, I was also partly anticipating the end of a possible wave 4 of a wave C down. 1.9666 now seems to be the end of this move up for my 5 wave count. This could still be wave 4 end ( I am not that confident with how I have labelled that 5 wave structure ) or coud be end of the wave 1 of C up. my bias though is wave 4 end.... so we may still see a substantial move to the down side.

So now we look forward a retracement or a move down. nearest would be a 61.8% retrace if tis is a wave 2 of C up. or we can look for a continuation of the move down and watch for a 5wave motive wave down to complete the wave c of the wave B down.

keeping an eye on the 4hour chart now and watching candlestick close

EG

update. well I was wrong to have labelled 1.9666 as the end. new high of 1.9668 may still have another high coming up to coplete the Divergence on my 1 min chart for this pair... then it may go down.

However, with news out now... even if figures are not that good for the US, price can still go either way. If this goes up, then we will see cable have an extended wave 5 within the wave 1 of wave C up.

otherwise we see wave 5 down or wave 2 down.

Sorry for getting your name wrong ... it was a typo. Could you post a chart for some visuals?

Well, after the idea about correction with a triangle as a "B" wave, which looked so nice, didn't work out, i needed to reconsider the current structure.

As marketwaves always says, we have two possible counts, one for bulls and the second one for bears
According to Elliot Waves, if we are in the bull move for EUR, then the current wave up should be very-very strong as it's 3 of the 3 of the 3 and definately goes after 1,57, probably with some corrections inbetween.
When it's yet just a correction, then we will probably stop somewhere around 1,57.

If i have enough time, will post these two possible pictures a bit later...

And, Brad, great call, congratulations!

It could be nearly done!

Well said. Me, too, I started using recently combination of several methods, ehich consists mostly of EW, but supprted by technical indicators plus trend lines plus fibonacci and my results have improved.
Mike

I'll add a note to that. My strategy is based purely on sentiment and a large part of that is EW. Other things that I give weight to are COT and media headlines. For example, last week in the techs I mentioned this;

"The current psychology (news headlines and COT data) is suggestive of a short term bottom in the EURUSD. Recent newspaper headlines include “Steady Dollar Tempers Allure of Some Bets” (WSJ, 5/12) and “A Signal From Fed Could Aid Dollar Rally” (Online WSJ, 5/12). The first headline demonstrates complacency and the second, a media prognostication, is typical of an impending low in the EURUSD."

The point is that there are tools out there that we can use to help us improve our odds.

Good morning my friends;
Further to our discussion yesterday on the topic of stock market topping and on the topic of japanese crosses.
It is almost a no-brainer. Stock market down = japanese crosses down and vice versa. I have observed it many times before, in fact often enough that we can almost call it a rule. Funny enough, even percentages jive. If Dow goes down by 100 points, USDJPY goes down 100 pips, but this is obviously just foolishness to call it a rule.

In any case, this time was not much different. Most exchanges tanked by 1% in Asia and Europe and USDJPY went down 100 pips from 104.68 to 103.69
It looks like wave 1 is complete, wave 2 complete, wave i of 3 complete.
See my chart below.
Mike

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Same thing I said a few days ago:

Whipsaw markets, no established trend. Day trading and/or short term overnight positions are what's making money (IMHO). Net changes in the markets are almost nil over the last week or so. I'm speaking of STOCKS, GOLD, EUR, ETC. The ones we all track.

Once the trends are reestablished there will be a great deal of money to be made. Which ever way they go. Stocks down, gold down, oil down, eur down, and so on.

The only reason I'm repeating this idea is because sometimes you can make yourself crazy believing that a "crash" is coming and fitting everything you analyze to that belief. I'm NOT saying a crash is NOT coming. I'm only saying that you can be nimble while waiting for the crash. :-) and make some money. :-)

BTW, I am NOT criticizing anyone on this forum nor their ideas. I would NEVER do that. I value everyone's ideas and use them all regularly, incorporating it all in my thinking.

The action this morning is really exciting for a dollar bear such as myself. This is the most promising setup for the dollar to make a new low I've seen in the at least a few weeks. Below are a 2hr USD/CHF and a 1hr USD/JPY showing them both declining impulsively and breaking previous support while doing so. The USD/JPY's impulsive structure isn't clear, but what is very clear is the three wave rise (labeled a-b-c) prior to this latest fall.

After a correction, the dollar may well be on its way to new lows on the year. The EUR/USD also looks poised to make a new high, and even the GBP/USD looks like it will get to 2.000 at least.

American-T

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Driver;

The EUR/USd is up over 300 pips since the turn. It bounces up at or near the trend line. Discarding Elliott, higher highs and lower lows is a trend to me.

You must have the courage of your convictions.