| || |
11-09-2009, 06:54 AM #31711
And here's an update to the longer-term GBP/USD view. Since the 1.70 top price has traced out a three-wave decline and a three-wave rally. At this point, all of the possible counts are still possible (fourth chart below). The next thing to watch for is to see whether or not the 1.70 high is taken out. At that point we'll be able to cross some of those counts off the list.
11-09-2009, 09:24 AM #31712
11-09-2009, 09:37 AM #31713
11-09-2009, 10:15 AM #31714
Originally Posted by freelancer
I very well could be, but this is what I am seeing currently on the hourly:
11-09-2009, 10:42 AM #31715
Last edited by MrWilson; 11-09-2009 at 10:49 AM.
11-09-2009, 11:06 AM #31716
Here is a probable Eur/Yen count.
11-09-2009, 11:08 AM #31717
USD/JPY 4 Hour Triangle
This one is for you Vincy. What do you think? This idea only just came to me. I know triangles are very rarely seen as in wave 2's so if this count is correct it is likely that a B wave is nearing completion. The 61.8% Fibonacci has held as support so far with no 4 hour candle able to close beneath it. I remain bullish on this pair as long as price is above 89.50.
11-09-2009, 12:47 PM #31718
update on DOW chart
The DOW seems to be leading. There is a gap below on the S&P and it may not make the projected high.
Originally Posted by MrWilson
11-09-2009, 01:25 PM #31719
Just wanted to give a quick update on my dollar trade:
I was stopped out again after re-entering post-Fed meeting and decreased my profit to only a small 44 pips on the long dollar trade after. At this point, risk/reward favors the dollar bulls at recent swing highs and lows against the euro or chf, but I'm choosing to wait for signs of dollar stength before I re-enter the long side.
I'm bullish the dollar long term as long as the USD/CHF stays above 0.9644.
I'll be back when I'm short term bullish again.
Elliott Wave Principle: Stock Market and Forex Analysis
11-09-2009, 01:55 PM #31720
I like that larger measured move target just under 10500 as well aerocom... ( your lesser 5=3 on the chart)
11-09-2009, 02:03 PM #31721
: ) still no change as we march towards 73
Originally Posted by MrWilson
11-09-2009, 02:07 PM #31722
That 360min DXY chart....
with the simple measured move target down into the 73's on.
11-09-2009, 03:15 PM #31723
It's been a year since I posted my original list of possible EUR/USD wave counts, so I thought I'd update it since EUR/USD may be nearing a significant turning point. All of the counts in the list were derived with the assumption that the 1.60 - 1.23 decline is in three waves. While it is still not completely clear whether that decline is a three or a five, the list has still been a great guide nonetheless.
Looking ahead now, all of the remaining counts allow for further upside potential, with the more probable counts looking for the EUR/USD to top out soon. Based on this list, my preferred counts are the complex and the triangle.
If you count the 1.60 - 1.23 decline as a five-wave move, then the possibilities are similar. That decline would then be either:
-Wave (1) of an Impulse
-Wave (A) of a Zig/Zag
11-09-2009, 04:52 PM #31724
Justy excellent post.... Here's a daily chart of EURUSD with some fib relationships from the fibonacci forum posted a while back... Something to keep an eye on...
Originally Posted by justy10125
I've heard Prechter saying lately that he's really bullish on the USD and looking for it to be up for a few years, but we have yet to witness the major reversal in EURUSD... Deffinately keeping a close eye out for the top anywhere along the way now ..
Last edited by brad_1199; 11-09-2009 at 04:59 PM.
11-09-2009, 06:22 PM #31725
Cable - Update
Looks like we could be heading up in Wave v of 5
Originally Posted by apipintime
Last edited by apipintime; 11-09-2009 at 06:35 PM.
Tags for this Thread
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.