Thread: Elliott Wave Trading Discussion

Any chance labeling abcde is allowed?

On my 1 hr TF it would be wav2 of wav3

(my wav2 was only a retrace to 38% that everyone else seems to have counted as wav4)

I have three counts for GU -- this one ' fits' bests with my AU count.

AUDUSD unravelling exactly as anticipated.
On the 10 min scale the correction shown as wave II went to 61.8% fibonacci, followed by an impulse wave down.
Again, I do not have a downside target at this stage.
The wave structure will be my guide.

If you look at the move up that completed wave A then you will see that it was composed of 5 subwaves. If I counted correctly then that can't be the entire correction because it is 5. Therefore I suspect that that Aussie is carving out a zigzag as drawn on my chart.

Originally Posted by JahDave

If you look at the move up that completed wave A then you will see that it was composed of 5 subwaves. If I counted correctly then that can't be the entire correction because it is 5. Therefore I suspect that that Aussie is carving out a zigzag as drawn on my chart.

And in true Elliott Wave fashion it appears that wave B is a zigzag within the bigger zigzag

Quick update on S&P, unravelling exactly as anticipated.
Wave II was "only" 50% Fibonacci.

Watch down below!!!

Originally Posted by brad_1199

It's do or die time for EUR/NZD... Price is inched up under channel resistance on the daily chart...

Have a look here... EUR/NZD looks like it's about to break the medium term up trend line on the daily chart ----->

Anyone else has long orders in the 5458 zone?

I think its a decent Fib retracement zone.... what do you think?

Thanks...

'U.S. Oil Supplies surge to highest level in 20 years', according US Department of Energy - Since Canada is one of the largest producers of crude, the Canadian dollar could be negatively effected. MACD negative divergence indicates a possible drop.

Originally Posted by Auditt05

Anyone else has long orders in the 5458 zone?

I think its a decent Fib retracement zone.... what do you think?

Thanks...

I think the trend has changed to the down side. Look at the weekly chart. We are 11 weeks up in an overall bear cycle. The 20 week cycle could end bullish. But, last weeks candle formed a bearish engulfing pattern with this week so far, being one of indecision. I think recognition will occur possibly later this week or next week and then down she goes. That being said, I am looking for the c wave to go into the 5770- 5800 area. Look to short rallies.

Good Luck.

Originally Posted by Auditt05

Here is my count

Wave 4 Hour is exactly at the very same pip of the end of Wave 1

Yesterday, Wave (i) of Wave 5 tested the Resistance composed of the 61.8% Fib of Wave 4

Now a little more retracement is expected, then Wave iii of Wave 5 is to start.

Region expected for such is wide, ranging from 89.48 down to 88.70

Targeting at least 100% of Wave (i) which is barely 220+ pips

As usual, all comments are welcome

I am in agreement with your directional bias and price target . My counting skills are limited to impulsive moves but I have a similar chart in the Aussie Thread (Short Term Trading Strategies Using Market Depth)! Thanks for your post

Usd/Cad
---------------------

Finally got another push lower today ....

-----------------------------------------------------------

CHART UPDATE

-------------------------

Originally Posted by JahDave

If you look at the move up that completed wave A then you will see that it was composed of 5 subwaves. If I counted correctly then that can't be the entire correction because it is 5. Therefore I suspect that that Aussie is carving out a zigzag as drawn on my chart.

Hey Dave,

There is no alternation between waves (ii) and (iv) of your 'a' wave, and wave (iv) and (i) overlap. Your 'a' wave counts best as a double zigzag completed correction into the 61.8% retrace.

Originally Posted by JahDave

If you look at the move up that completed wave A then you will see that it was composed of 5 subwaves. If I counted correctly then that can't be the entire correction because it is 5. Therefore I suspect that that Aussie is carving out a zigzag as drawn on my chart.

JahDave;

I think your count violates the Elliott rule "wave 4 can not over lap wave 1." Now I have seen all the arguments but, my position is unless wave 4 is a triangle or other complex correction, there should be no overlap. Additionally, the subdivisions in wave 3 also subdivide into 3 with overlap between the waves. Therefore, it is corrective.

Now the down move also looks like it is setting up as a correction which would support Auditt's position of a diagonal. I am watching for wave 4 overlap and reversal to confirm the diagonal.

Here is something else I am watching although the look is not right.

Good Luck.

This is my Loonie's chart

I think we are heading to a strong SUPPORT area..

Feedbacks are welcome as usual )

Aud/Usd

---------------------
End of wave B

----------------------------------------------------------
Only a Probability ...... Not Cast in Stone