| || |
10-01-2009, 06:38 PM #29266
EWI has been calling for a top for a while now. It was trading in the "ideal" range for a fall a couple days ago.
Europe still has some upswing in their stocks, but there the markets went down as well.
For NFP tomorrow I am flat. EURUSD can go either way.
I am going to look for an opportunity now.
10-01-2009, 08:08 PM #29267
Originally Posted by Sean Hyman
I think Pretcher already called a top back in august?
Here's the video, hope it helps.
Time To Switch to Cash: Elliott Wave's Robert Prechter - Investor Agenda with Maria Bartiromo - CNBC.com
10-01-2009, 09:01 PM #29268
Well, the Dow maybe at a top but it is hard to believe the EURUSD is.
Originally Posted by tank
This is not typical wave 3 behaviour and also, the recent move up is a wave b, not a wave 2, because of its character. 2 waves usually end on low volume, this one had a volume peak, which is characteristic for a wave b.
Wave C however is still not finished, it might drop to 1.44 area, but as of now it has a hard time penetrating its previous trend channel.
10-01-2009, 09:59 PM #29269
Here is the same chart again; this time in smaller time frame.
Originally Posted by Bignatx
10-01-2009, 10:00 PM #29270
And We have almost the opposite picture for the Dollar index. Another rising wedge against a falling MACD.
Originally Posted by Ilovepippin
30 Min Chart
Last edited by EZCashDreams; 10-01-2009 at 10:04 PM.
10-01-2009, 10:14 PM #29271
Here is my take on EURUSD.
Originally Posted by Ilovepippin
Since wave 1 was a leading diagonal, we should see a clear 5 wave structure decline bearish impulse wave.
(I hear your argument about the large volume)
10-01-2009, 10:34 PM #29272
10-01-2009, 10:44 PM #29273
10-01-2009, 11:39 PM #29274
The Chinese Dragon!! :)
10-02-2009, 05:58 AM #29275
I think we have already seen the euro strength for a while as the pattern on the daily seems complete - notice how wave [B] ends in the area of wave (B) of [A] which is the zone between 61.8 and 78.6 correction of wave [A]:
ps. The second chart is 4H
ps2. B in [ ] seems to appear only as small font - strange...
Last edited by freelancer; 10-02-2009 at 06:09 AM.
10-02-2009, 06:27 AM #29276
Yes, we cannot exclude it Mike.
Originally Posted by Big Mike
But when you look at Prechter's book it says that wave 2 after a leading diagonal has a deep retrace. Also a characteristic of a wave 2 is that it ends on low volume. These things did not occur here, so I am cautious.
Also, take a look at this daily chart, a trendline support has been reached.
10-02-2009, 06:29 AM #29277
What I mean with volume in this case is the amount of people trading it. For Elliott Waves (EW) to work you need a large amount of people.
Originally Posted by VINCY BALBOA
10-02-2009, 07:37 AM #29278
hi, freelancer, intresting idea.
Originally Posted by freelancer
1) wave iv too small when compared to wave ii
2) the structure a - b - c, which makes the wave 2, quite unusual, which one is it ?
10-02-2009, 08:04 AM #29279
The chart of OIL shows pretty clear correction pattern.
Will it make new high ? Quite possible...
Will it make failed fifth ? Probable as well...
Or will me make the third (and the last) leg of correction lower ? Why not..
So, you pick your choice, if you trade OIL and/or USD.CAD...
10-02-2009, 09:51 AM #29280
Update on my USD/CAD chart.
Closed out position ....gained 50 pips. USD Index so far, failing to close above inverted Head and Shoulders neckline AND USD/CAD is failing to make a new high so far.
So all of my dollar longs are closed out at the moment.
The DailyFX Forums have over 75,000 members, and many discussions going on at once. If you arent sure where to get started, watch this video as your how-to guide to the DailyFX Forums: http://forexforums.dailyfx.com/daily...ion-video.html
Email me with your questions and Ill introduce you to the community and point you in the right direction. I look forward to hearing from you.
Sean Hyman - DailyFX Forum Moderator - email@example.com