Thread: Elliott Wave Trading Discussion

Is Gbp/usd approaching a big end?

GBP/USD weekly chart



daily chart



4H

Originally Posted by bkbj

I am a bit confused now haha
Based on my knowledge, a LD can only be wave 1 or A and an ED can only be wave 5 or C.
The key here is the diagonal starting at 1.405 is a LD or ED? if this diagonal is an ED, then it can be wave C. but the subwaves i and iii of this diagonal looks more like impulse, so I prefer this is a LD not ED, that is why I said it can't be wave C. I have no problem with the wave C count if this diagonal is an ED. hope I made things clear

I understand what you were saying. My point is that the wave c is a possibility not to be discounted at this point. In my view the important low is not the low at 4050 but the one at 3840+. The move up from there is 5. If this a leading diagonal as you suspect, it would have to be i of 3. That would also indicate a higher price as wave iii of 3 and possibly 3 itself would be extended.

Good Luck.

Originally Posted by aerocom

I understand what you were saying. My point is that the wave c is a possibility not to be discounted at this point. In my view the important low is not the low at 4050 but the one at 3840+. The move up from there is 5. If this a leading diagonal as you suspect, it would have to be i of 3. That would also indicate a higher price as wave iii of 3 and possibly 3 itself would be extended.

Good Luck.

right, agree

obvious 3 waves down points to a deeper correction

Setting up for a more lower?, a rare case of wave E being a triangle for a larger wave E

I guess we find out soon, imo still about who controls the 14515-50 area as the other setup is that a spike higher for wave [v] of ED then reverse

A strong move above 14550 will have the Bears thinking about coveing shorts and could see a vicious push higher

Far better to wait till the result and see what the reaction is, kinda like a great big FOMC meet



Twitter

Originally Posted by Nouf-WPT

Setting up for a more lower?, a rare case of wave E being a triangle for a larger wave E

I guess we find out soon, imo still about who controls the 14515-50 area as the other setup is that a spike higher for wave [v] of ED then reverse

A strong move above 14550 will have the Bears thinking about coveing shorts and could see a vicious push higher

Far better to wait till the result and see what the reaction is, kinda like a great big FOMC meet



Twitter

I agree and think the final move is afoot to the upside. It should be a nice short opportunity.

Good Luck.

Originally Posted by skinnypuppy

obvious 3 waves down points to a deeper correction

those "obvious 3 waves down" look like just wave A of the flat in 4th. i expect gold to print a new high by the end of Sept

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Setup for a short... Right now it looks like it goes more down next week, but an expanded flat correction is equally likely which would retard an entry. The price is now at 1.38 of the lenght of A (cercle), typical for an expanded flat. I have my SL on break even for safety. Market will tell.

4H


Monthly

Update... (see previous post)...

Daily main


Daily alt


1H, the last week

Following on from my previous posting on cable, there appears to be a 5 wave decline, so a correction that fails to get above 16430-75 is a going to setup a great trade and one that imo is worth following over the coming days



Twitter

Topped??

I guess we find out soon, i found it interesting that the 5th of [3] and 5th of [5] virtually hit smack on a measured move and reversed



Twitter

Triangle having completed now? If so, the width of the triangle would give a target at 1.5200.

12H


Week

Originally Posted by 10frank01

Triangle having completed now? If so, the width of the triangle would give a target at 1.5200.

12H



Week

Wave 4 cannot overlap wave 1. Or, is it that the end of wave 4 cannot overlap wave 1? I see Prechter and company sent out the same count over the weekend. I think there is another count that indicates the same result. As a matter of fact the two that I think are superior to the triangle without breaking any rules indicate a target of 1.5083 and 1.5183.

Good Luck.