|
|
 |
|
09-27-2007, 04:31 PM
|
|
Member
|
|
Join Date: Jul 2007
Posts: 1,592
|
|
|
Traits of the complex Correction
Hey guys,
Why do I think its the end of the line (big picture) for the GBP/YEN as well? Well I think its pretty evident that a complex correction has been going on for a while with this pair. Its hard to decipher what he heck it was. This is the reason I like to keep things simple. When more than the required amount of waves transpire, I just trade the down legs if I feeling bearish a or the up legs if feeling bullish. (I think you could pretty much guess how Ive been feeling for the last few months...lol). Anyhow, why do I think its he end of the line for this pair as well. Well for one, its a correction so we need a corrective amount of waves...3, 7, or 11. When I cant figure out whats going on, I just count the waves. We got 11 waves since the bottom. Thats all I care about right now. That tells me it may be the end of the line. Just like the Large B wave on the Euro. 11 waves up tells me triple zigzag. Also notice, just as with the Euro (larger degree...see my post #804 or Yellowlion's post #901 ) not only do we have 11 waves, but the waves tend to get shorter NOT NECESSARILY IN PRICE BUT IN TIME toward the end. That signifies that it is a complex correction that is running out of steam.
Last edited by italm31; 06-10-2008 at 08:03 PM..
|
09-27-2007, 05:03 PM
|
|
Member
|
|
Join Date: Jul 2007
Posts: 1,592
|
|
|
This may be it!
Hey guys heads up. We got the minimum required for the diagonal on the GBP/JPY to be over. Furthermore, the 15 min chart just closed with a reversal candlestick plus it closed below the lower trend line. This could be it. A drop below 234.13 (wave iv of diagonal) is confirmation.
Last edited by italm31; 06-10-2008 at 08:03 PM..
|
09-27-2007, 05:18 PM
|
|
Member
|
|
Join Date: Jul 2007
Posts: 1,592
|
|
Quote:
Originally Posted by italm31
Hey guys heads up. We got the minimum required for the diagonal on the GBP/JPY to be over. Furthermore, the 15 min chart just closed with a reversal candlestick plus it closed below the lower trend line. This could be it. A drop below 234.13 (wave iv of diagonal) is confirmation.
|
Hey guys,
I just wanted to show what happens when its good sign your diagonal is correct. Once the lower trend line is breached, price keeps coming back to touch it.
Last edited by italm31; 06-10-2008 at 08:03 PM..
|
09-27-2007, 05:29 PM
|
|
Member
|
|
Join Date: Jul 2007
Posts: 1,592
|
|
|
1 min chart
I know many of you don't like the 1 min chart, but we need it to see whats transpiring on the 15 min chart.
Last edited by italm31; 06-10-2008 at 08:03 PM..
|
09-27-2007, 06:22 PM
|
|
Member
|
|
Join Date: Jul 2007
Posts: 1,592
|
|
|
What are bulls to do?
I know some ellioticians are natural bulls. What I mean by that is they see waves easier in bull markets than in bear markets. I myself see waves much easier in bear markets than bull. (I wonder what that says about me...ouch!) Anyhow, what are they suppose to do when a bear market emerges. Simple. They look for bull markets. For example, the Euro looks like it completed an ending diagonal today. That means ellioticians who prefer looking at bull markets might want to look at the USD/CHF.
Last edited by italm31; 06-10-2008 at 08:03 PM..
|
09-27-2007, 11:39 PM
|
|
Member
|
|
Join Date: Jul 2007
Posts: 1,592
|
|
Quote:
Originally Posted by italm31
I know some ellioticians are natural bulls. What I mean by that is they see waves easier in bull markets than in bear markets. I myself see waves much easier in bear markets than bull. (I wonder what that says about me...ouch!) Anyhow, what are they suppose to do when a bear market emerges. Simple. They look for bull markets. For example, the Euro looks like it completed an ending diagonal today. That means ellioticians who prefer looking at bull markets might want to look at the USD/CHF.
|
Hey guys, notice the diagonal on the chf/usd is actually of a lager degree than that of the Euro. This one began at 1.2150. Thats over 400 pis away. Might be interesting, even for a natural bear like me.
|
09-28-2007, 01:12 AM
|
|
Member
|
|
Join Date: Jun 2007
Posts: 114
|
|
What in the world is going on for Gbp/Yen?
I can count 5 waves down, but I also see that wave 4 is an impulse... 
Unless there is some really really small wave a-b for wave 4 somewhere.
Anyone got a clue?
|
09-28-2007, 03:33 AM
|
|
Member
|
|
Join Date: Aug 2007
Posts: 24
|
|
|
johan gbp/jpy
Johan, a = 4, b= 5 could work.
|
09-28-2007, 04:30 AM
|
|
Member
|
|
Join Date: Jul 2007
Posts: 1,592
|
|
Quote:
Originally Posted by JohanS
What in the world is going on for Gbp/Yen?
I can count 5 waves down, but I also see that wave 4 is an impulse...
Unless there is some really really small wave a-b for wave 4 somewhere.
Anyone got a clue? |
Hey John,
That was a little weird. The only explanation I have is the diagonal did not end when I thought it did last night. It may have been a truncated 5th. Your b may have been a iv and your 2 may have been the v of the diagonal but your count was my original count as well. Notice with this count, c of 2 came back up to touch the trend line yet again!
Last edited by italm31; 06-10-2008 at 08:03 PM..
|
09-28-2007, 05:03 AM
|
|
Member
|
|
Join Date: Jul 2007
Posts: 1,592
|
|
Quote:
Originally Posted by italm31
Hey John,
That was a little weird. The only explanation I have is the diagonal did not end when I thought it did last night. It may have been a truncated 5th. Your b may have been a iv and your 2 may have been the v of the diagonal but your count was my original count as well. Notice with this count, c of 2 came back up to touch the trend line yet again!
|
Perhaps C wasnt over with. It may still come back to touch the trend line again.
Last edited by italm31; 06-10-2008 at 08:03 PM..
|
09-28-2007, 05:11 AM
|
|
Member
|
|
Join Date: Jun 2007
Posts: 114
|
|
|
What was bothering me is that 5 wave structure I labeled as wave 4. It's in the middle of nowhere, can an X wave be an impulse?
|
09-28-2007, 05:43 AM
|
|
Member
|
|
Join Date: Jul 2007
Posts: 1,592
|
|
|
The diagonal we saw yesturday may have been pre-mature on the Euro as I see another possible diagonal count this morning. Is this one it, who knows, but its definately a sign the Euro may be running out of steam.
Last edited by italm31; 06-10-2008 at 08:03 PM..
|
09-28-2007, 07:47 AM
|
|
Member
|
|
Join Date: Jun 2007
Posts: 114
|
|
|
Strange that Jamie went flat on Cable, especially when I see Gbp/Yen possibly breaking up to 238 and Sterling is gaining againts Euro and Swiss. The count for Cable is indeed ugly, but looks to me that the upmoves are mostly impulsive, I'll watch out for any 5 waves down on 15min charts to confirm any change in direction.
|
09-28-2007, 08:01 AM
|
|
Member
|
|
Join Date: Jun 2007
Posts: 114
|
|
|
After seeing 2.0365 broken I think it's possible this upmove goes all the way to at least 2.0593 to complete wave c, possibly an ending diagonal c wave as the moves are overlapping.
|
09-28-2007, 08:17 AM
|
|
Moderator
|
|
Join Date: Jan 2007
Posts: 1,341
|
|
Good morning everyone. Friday's are sometimes very exciting..especially end of the month Friday's. Considering that the market is at rather extreme levels right now as well, we could see reversals today so I wouldn't leave the screen too much today. Today I am looking for...
buying opportunities in the USDCHF (also now...stop below 1.1637)
buying opportunities in the USDJPY close to 114.70...stops below 114.00
|
|
|
| Thread Tools |
|
|
| Rate This Thread |
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is On
|
|
|
|
