Thread: Elliott Wave Trading Discussion

Originally Posted by Steakhaus

I appreciate it happel. I find EWT very interesting and I am trying my hand at it. With the price heading toward the bottom it will be interesting to see where this pair goes. Your current price targets are helpful, thanks for that.

Today's action caught me way off guard, but I am still new to Elliott 'expertise' myself. I find it extremely useful. In combination with sup/res, Fibonacci, fundamentals, and a couple of other technical indicators it is very helpful. On many occasions, the counts are not as clear, which is the downside.

Originally Posted by Luxman

Hi Jeremy,

where did you find that statement, ie. as a triangle, wave C cannot pass the wave A low unless it's an expanding triangle?

Thanks.

Hi Luxman,

Good question, i can't seem to find where i've got this from, but i've used it as a rule for a long time... I guess it comes from the fact that the AC and the BD line would go in the same direction and that happens only in diagonal triangles where the 1-3 line and 2-4 line go in the same direction and contract or expand.

Another sort of triangle where the AC and BD line go in the same direction is a skewed triangle ( first talked about in EW's financial forecast april '06 i believe ), but every count i've seen with a skewed triangle can be counted in another way using a complex double three or diagonal ( or another combination of waves consisting out of 3 waves ).

Anyway, i'll keep searching for where i've found this, if i don't find it, i'll just ask the people at EWI.

Friendly greetings,
Jeremy

Originally Posted by Jeremy Demunter

Hi Luxman,

Good question, i can't seem to find where i've got this from, but i've used it as a rule for a long time... I guess it comes from the fact that the AC and the BD line would go in the same direction and that happens only in diagonal triangles where the 1-3 line and 2-4 line go in the same direction and contract or expand.

Another sort of triangle where the AC and BD line go in the same direction is a skewed triangle ( first talked about in EW's financial forecast april '06 i believe ), but every count i've seen with a skewed triangle can be counted in another way using a complex double three or diagonal ( or another combination of waves consisting out of 3 waves ).

Anyway, i'll keep searching for where i've found this, if i don't find it, i'll just ask the people at EWI.

Friendly greetings,
Jeremy

Chiming in folks, I find this to be a pretty resourceful one-page location is a good reference guide.
Elliott Wave Basics

Originally Posted by VINCY BALBOA

A/U 4hr

B=zz

or

12345 X wxyxxz so = B / Flt or Expd Flt
Attachment 78756

Thanks Vincy. That is as reasonable a projection as any!

Aud/usd bullish break to come!

Daily chart



intra-day



twitter

It's obviously bullish for Gold... I expect new highs, let's see if Gold follows silver to a new all time high. Very likely...

8H-Chart
Attachment 78970

Same count, bigger pic
Attachment 78971

The whole behaviour of EUR$ could be better understood with this (weekly) count...

Weekly
Attachment 78973

Originally Posted by JimboFX

FXTA, you might get more responses if you post in EW thread regarding any elliott wave questions. It's less cluttered.

Let see if I can give you some hints on your count. You know that any five wave structure is either wave 1, 3, 5, A or C. And any three waves are 2, 4 or B. Now look at your chart where have wave 1 and wave 2 under way. Two questions for you here :
1. What bigger wave do you see there when those 1-2-3-4-5 plays out ?
2. Where do you see wave 3 and 5 end up ? If I do standard fib ext of 1.618 x Wave 1 (typical for 3rd wave) then wave 3 comes bellow 0

Now if anything I'd label your wave 1 as A and wave 2 with B.

But that's still not my preferred count. Hint - look at monthly chart for expanded flat and you'll know what I mean.

SP500 monthy chart explaing what I'm looking at. All I can say right now is that we are in a strong up trend. Trying to short that market can become a very risky bussiness.

Now what I'm not sure is where I have the question mark - is that the end of the correction or just the first leg of a more complex one ? Right now that doesn't matter really. I believe we are poised for a run either a triple top for two equal waves or even higher in case of a third leg up.

Originally Posted by 10frank01

It's obviously bullish for Gold... I expect new highs, let's see if Gold follows silver to a new all time high. Very likely...

Glad to see you are joining the bull camp.

The alternative triple zig-zag might come into play but overall no change in the bigger picture so far

Two possible counts.

Still bearish, but now up for a Wave C (daily)
Attachment 79101

Below another long term count for the EUR$. The overall look isn't great, but it's a possibility... This count expects also a C-Wave up...

Double Zigzag (3 day chart)
Attachment 79098


Last post EUR$

New Zealand Dollar to Fresh 2011 Low

Hello Traders! I just wanted to share and highlight the short term Elliott Wave charts found within Daily FX done by our Technical Strategist, Jamie Saettele. His Elliott Wave Bias Table highlights 7 other pairs plus Oil and Gold. You may use these as a point of discussion or debate or to generate additional ideas.

Jamie writes: “The NZDUSD has traded to a fresh 2011 low and is again below its 50 day average. A drop below 7342 is needed in order to confirm that the NZDUSD completed wave b of a flat in late 2010. Until then, bullish potential does remain with the setback from 7975 serving as consolidation.”

What are your thoughts? Agree? Disagree? Alternate count?

Frank I like the idea of numbering the oscillator. That helps keep things straight I think I will start doing that too. Good idea.

Originally Posted by captester

Frank I like the idea of numbering the oscillator. That helps keep things straight I think I will start doing that too. Good idea.

You are welcome! Be aware that between the reading of Wave 3 and Wave 5
, there must be always a divergence, otherwise don't count it as an impulse. Be aware also that Wave 4 must get back to the centerline!

Australian Dollar Picture Remains Clouded

Hello Traders! I just wanted to share and highlight the short term Elliott Wave charts found within Daily FX done by our Technical Strategist, Jamie Saettele. His Elliott Wave Bias Table highlights 7 other pairs plus Oil and Gold. You may use these as a point of discussion or debate or to generate additional ideas.

Jamie writes: “With a potentially completed Elliott wave pattern (5 waves) from the 2008 low (6000), the risk of a sharp reversal and decline does remain. However, bears need a break below 9803 in order to confirm such a reversal and a move above 10256 would shift focus higher following a bullish triangle break towards 10500 or even 11000.”

What are your thoughts? Agree? Disagree? Alternate count?