Does anyone agree with the numbering of elliott waves for the attached Daily NZDUSD ?
Thank you
I have a different preferred count on the price advance. But, I too think the advance has completed in 5. I the move down from the peak, I have exactly the same count as you. If you look carefully at the first move "a" you will see it stopped in the area of wave 4 then retraced before coming down in 5 for c. In my view that is a double retrace. The current move I am counting as a 3-3-5 which would make the next likely move down a zig-zag and the entire move a double zig-zag. At least that is what I am expecting. The next move should take the kiwi back into the area of 6500 and possibly lower.
Actually the target indicated by the potential H&S pattern is the 66-6700 area.
On the up side, the c wave is near 138.2% of wave a which is 8439, and momentum has started to turn down. However, symmetry in the H&S pattern where the left and right shoulders are balanced is 8504. Other ratio's to watch are the 141.4 in the area of 8465 and extreme 161.8% at 8622.
Good Luck.
Last edited by aerocom; 02-09-2012 at 04:10 PM.
Reason: add info from actually
Here is an interesting position in the AudUsd. Under this scenario, the Audusd may move up slightly before in a 5 to complete the expanded flat then up and back down in a double zig-zag.
The audusd has complete a 5 wave move up in a diagonal pattern. The move down in wave a or 1 is a completed zig-zag pattern. The move up in three completes wave b. The move down from b to ef A is wave A of a flat pattern that is an expanded flat that is currently in wave ef B.
If this analysis is correct, a likely terminating point for wave ef B would be; Geometric ratio of .11 of ef A + the length of wave ef A = 1.0872. A fib ratio of 138.2% of wave .A as measured form ef A and added to .B is 1.0849. The geometric ratio 141.4% when measured from ef A to .A and added to .B is 1.0872.
It is therefore probable that the audusd if it has not already, will peak between 1.0849 and 1.0872.
eu playing out nicely and still respecting the target line, suspect another leg up to complete ending diagonal before a sizable correction. If it is ED, then it shows market is tired of the move or should i say tired of greece "agreement"
indeed, but gizmo could be right, but catching a bottom is always a difficult task.
weekly euraud
4hrly zoom in of wave 5 as per weekly chart
the wave 5 look like a replica of the entire weekly chart
1hr zoom in of the last leg drop, 5 wave up is present in the current upmove, a bottom could be in or part of abc corrective move
"fundementally", bottom could be in due to au didnt lower rate as market expected and therefore, a worst than expected weakening of the economy in the longer term
and also, future rate cuts yet to be price in.
"5 wave up is present in the current upmove, a bottom could be in or part of abc corrective move"
1hr zoom in now
The path of least resistance is higher I believe, and it looks like this pair wants 1.60 in the longer-term. I see this as a i-ii-(i)-(ii), but I leave the possible a-b-c correction on the table for fun. First target is 1.34, and above 1.37 I see this as impulsive and not a correction.
My view of euro.
Impulsive wave completed at fibo 1109% extension. Probably will follow a zig-zag "a" wave with the target around 1.3060.
I see two scenarios, one is a deep corrective wave 2(fibo retracement at 61.8 and 78.6), and the second is a corrective B wave of a zig-zag so the retracement must be less than 61.8% of the entire move.
Similar count on cable with the support at 1.5690.
I think of such a movement
the end of wave 5 at 1.3350
What do you think of this movement
What type of triangle could that be? In my view the only possible answer is a barrier. Barriers break to the flat side, which would in this case be down. Here we have a break up. Therefore, the movement is either a complex 4 or a shallow b. Which means the break up is 5 and the end of wave A or a 1 of wave c.
I counted this Friday and came up with three possibilities. Yesterday I eliminated 1. If this is a wave 5 of a, price should retrace to at least the 1.3050 area. If it is a 1 of 5 of c, the retracement may be complete as the correction is in 3 waves.
What type of triangle could that be? In my view the only possible answer is a barrier. Barriers break to the flat side, which would in this case be down. Here we have a break up. Therefore, the movement is either a complex 4 or a shallow b. Which means the break up is 5 and the end of wave A or a 1 of wave c.
I counted this Friday and came up with three possibilities. Yesterday I eliminated 1. If this is a wave 5 of a, price should retrace to at least the 1.3050 area. If it is a 1 of 5 of c, the retracement may be complete as the correction is in 3 waves.
Good Luck.
if you read what is written below the point e triangle?
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Originally Posted by ashraf999 
