Thread: Elliott Wave Trading Discussion

Originally Posted by justy10125

I think AUD/USD is probably headed higher once more.

My preferred count is the W-X-Y, but the diagonal is still a possibility that must be kept in mind. Not that it matters though, because both are still bullish for the time being.

Awesome work as always Justy....Thanks for taking the time to post your work and help the rookies.....

And to think EWI Wants $200.00 a month for their work on 2 or 3 currency pair...

Originally Posted by EZCashDreams

Actual what I meant by triangle is what is at the end of the current down trend...not the entire chart....

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OOPPSS Just noticed I did not change the B Wave Count....

I do agree that the triangle you posted is a possibility. It's basically the inverse of the AUD/USD triangle I put up a little while ago. We'll see how they turn out in a week or so. And since triangles precede the final wave in a pattern, if this is in fact a triangle, that's a big heads up on what's coming up on the horizon.

Originally Posted by apipintime

Hey Fazi,

Unbelievably, my bloody internet was down for most of the day. CAD is close to putting 5 down on the 5 min. I will be looking for a retrace(1.1370 area) to enter short for a possible ride down to 1.0570 area. Great short entry by the way!

Hi Apipintime,

I think w4 top is in place at 1.1347 - now if 5th get stopped around 1.1274 then your entry area (w2 top) looks great to go short - but if it breaks firmly lower we may get qiute a big extension downwards.

I`m sorry for the internet - I know exactly how it is when a net connection fails when a market turning point happens - pretty anoying

god luck with your trade!

Patryk

Morning everyone. Here's my cable 4h count. I've been struggling with cable wave formation. There are a few different possibilities and this is one that I prefer. Doesn't mean it's right though.

It's certainly true that we are in a narrowing triangle contained within the upper and lower trend lines. Breaking either of these will give us a clearer direction. Bias towards south.

Originally Posted by fazi

Hi Apipintime,

I think w4 top is in place at 1.1347 - now if 5th get stopped around 1.1274 then your entry area (w2 top) looks great to go short - but if it breaks firmly lower we may get qiute a big extension downwards.

I`m sorry for the internet - I know exactly how it is when a net connection fails when a market turning point happens - pretty anoying

god luck with your trade!

Patryk

Hey Fazi,

Is the yellow count where you think the wave 4 top is or the white count?

Originally Posted by justy10125

I do agree that the triangle you posted is a possibility. It's basically the inverse of the AUD/USD triangle I put up a little while ago. We'll see how they turn out in a week or so. And since triangles precede the final wave in a pattern, if this is in fact a triangle, that's a big heads up on what's coming up on the horizon.

hi justy, i have similar count with you.

Originally Posted by apipintime

Hey Fazi,

Is the yellow count where you think the wave 4 top is or the white count?

I was talking about short term count

Originally Posted by fazi

I was talking about short term count

Ahh. I get ya. Looks like we just pierced a Head and Shoulders neckline. I have a short from 1.1315 and will move my stop to breakeven. If I get stopped out, it will be in lieu of a better entry point at no cost to me. Thanks for the feedback.

Edit: Looking at 1.1245 as the termination point of Wave 1. It is the 61.8% APP of 1-3 from 4, the 161/8% external retracement of Wave 4 and the Monthly central pivot.

Originally Posted by apipintime

Ahh. I get ya. Looks like we just pierced a Head and Shoulders neckline. I have a short from 1.1315 and will move my stop to breakeven. If I get stopped out, it will be in lieu of a better entry point at no cost to me. Thanks for the feedback.

Edit: Looking at 1.1245 as the termination point of Wave 1. It is the 61.8% APP of 1-3 from 4, the 161/8% external retracement of Wave 4 and the Monthly central pivot.

No problem apipintime - this move down may as well be a small w1 and there will be no &s

Patryk

perhaps this is going on here,

Patryk

Originally Posted by EZCashDreams

Awesome work as always Justy....Thanks for taking the time to post your work and help the rookies.....

And to think EWI Wants $200.00 a month for their work on 2 or 3 currency pair...

You don't have to buy this service (for 200 $).
That is more for real profi, who do a lot of day trading...

I personally don't feel myself such a profi and use some other services.
And i must say, many times they gave very nice calls...
Not to say abot the general feeling for economy and sentiment which you get while reading, for instance EW Theorist or short term updates for stocks, gold, erc...

So, they do their job very-very well, in my opinion...

Originally Posted by Ilovepippin

You need to read well what Prechter says. He says that when the government comes out and declares that the recession is over, it will then likely turn for the worst. Also, you need to read his primary and secondary count. His secondary count is bullish.

Eitherway, I expect this for SP500, and maybe not so deep, but after this another wave up to complete wave C. Then we might drop 5 more waves, or go up 2 more :-)

Yes, that is what i meant by "not that bearish". EWI issued a call for bear turn, but they also admit that most probably the stock market will have to continue higher.

However, pippin, you also have to ready well what he says...
They do not exclude the possibility that the whole correction is already over...

Originally Posted by fazi

No problem apipintime - this move down may as well be a small w1 and there will be no &s

Patryk

Maybe something like this is in the works.

Jay

Originally Posted by apipintime

Maybe something like this is in the works.

Jay

It`s flirting with .382 fibo now - I`m observing sp500 futers - a w2 of a bigger w3 seems to be bottoming out so the loonie should be going south soon - &s quite probable

edit: - sp500 - so it was a b wave of a double zigzag - loonie &s top more and more possible

Heads up guys,
The trade of the year might be almost upon us. Ive been advocating this count for some time now with resistence from certain members. Well I believe a drop below 5006 confirms that wave iii of III of 3 is upon us. I could be wrong but I dont see a bullish alternative for now. Daily is oversold but if this is what I think it is, I dont think it matters. Weekly has a nice fresh cross to the downside so were looking at weeks of going downward. Also keep in mind if this count is correct, deflation may finally be upon us so be careful.