Thread: Elliott Wave Trading Discussion

Originally Posted by pacos

you're very welcome Jay
here is the beauty of neowave . lets suppose that e makes 61.8% of c (the most common ratio between these waves) and ends at 1.0103 (red horizontal line). Since b exceeded 161.8% of an a in the triangle, the END of e should be sitting on 61.8% fibo level of the whole ABC sequence. It will give us the target of 0.9686 (100% fibo). Another way of calculating is that C (in abc with b being a running triangle) should not exceed 261.8% of an A which is 0.9708. Once C makes 261,8% of an A you can be sure that it is a LONG term bottom. Even if ABC shown on a chart is an (A) of Z, this low will not be taken out by (C) of Z. now you know why i was so happy to see running triangle Pacos.

Fantastic stuff Pacos! Is there a minimum target for wave C?

Originally Posted by mike3gdc

Hey Gray,

Triangle scenario will take too much time.if we take the current consolidation as wave 4,then it should be proportioned in time and structure with the wave 2.(alteration guidline).

Never heard of wave 4 taking up to much time Mike. I thought that was the purpose of wave 4..to take up time?. As far as alternation goes, the supposed wave 2 looks like a sharp correction to me so wave 4 should be sideways?.

Originally Posted by Gray

Never heard of wave 4 taking up to much time Mike. I thought that was the purpose of wave 4..to take up time?. As far as alternation goes, the supposed wave 2 looks like a sharp correction to me so wave 4 should be sideways?.

I agree. It looks like perfect alternation to me.

Originally Posted by mike3gdc

Hiya Jay.Nice to see white background in your chart!

this is how I look at USDJPY.

Hey Mike,

Most of the charts I work on are black, and only on rare occasions do I have time to make a count on white background chart. Sorry to get your hopes up. Jay

Originally Posted by pacos

Good call Mike!
although i'd label this 4th as a triangle with your C being C of the triangle. the terminal c wave looks like your c in A. its usually the longest (timewise) in abc sequence.

Thanks pacos.I am not sure If I can see a triangle in there..in my view,an ending diagonal is unfolding as waves 5 in EURUSD.

Could you please depict the triangle you're talking about on the chart.thanks

Originally Posted by mike3gdc

Thanks pacos.I am not sure If I can see a triangle in there..in my view,an ending diagonal is unfolding as waves 5 in EURUSD.

Could you please depict the triangle you're talking about on the chart.thanks

here it is. in neowave, b wave cannot be shorter than a wave.

These ending diagonals that were forming yesterday really showed what was to come today. The yen got strong across the board and took these yen pairs down a notch. Wow!

usdjpy update

it's either hit bottom already or very close to it

Originally Posted by apipintime

Fantastic stuff Pacos! Is there a minimum target for wave C?

very interesting question the thrust should be at least the size of the largest segment of a running triangle (which is ALWAYS wave b).

Originally Posted by Gray

Never heard of wave 4 taking up to much time Mike. I thought that was the purpose of wave 4..to take up time?. As far as alternation goes, the supposed wave 2 looks like a sharp correction to me so wave 4 should be sideways?.

Taking too much time in relation to wave 2.here is my count on the pair and your triangle.

to me and based on this count,wave 4th can not take too long develop.there is a technical reasoning for this but I am not the best person to explain that.

Goldman Sach's been charged on Civil Fruad by SEC...market plummets


SEC Sues Goldman Sachs, Alleging Fraud in CDO Tied to Subprime - Bloomberg.com

Originally Posted by NeoVlad

gold update

with the gap in eurusd filled, i'm going to call the triangle complete at this point with stops just below 1145

price could rally $30-40 into the $1185 level, with a corresponding rally in eurusd of about 300-400 pips

well that didn't take long to invalidate the triangle ... eurusd isn't tanking though, so gold may still rally ... could be a flat or zigzag instead of triangle

Originally Posted by pacos

very interesting question the thrust should be at least the size of the largest segment of a running triangle (which is ALWAYS wave b).

Pacos,

I think the bottom is in. Equities are cratering and Goldman Sachs is being charged with Civil Fraud by the SEC!

[QUOTE=mike3gdc;467771]Taking too much time in relation to wave 2.here is my count on the pair and your triangle.

to me and based on this count,wave 4th can not take too long develop.there is a technical reasoning for this but I am not the best person to explain that.

I see your point. I am not counting it like that at all. My supposed wave 1 is a leading diagonal ending at the 139.34 high and wave 2 is were your B is.

Originally Posted by NeoVlad

usdjpy update

it's either hit bottom already or very close to it

back to the drawing board on this one too