Thread: Elliott Wave Trading Discussion

Originally Posted by 10frank01

Still see upwards potential and the current PA as a correction looking for a tradable low...
Cheers, Frank

Silver

Perhaps it could be a flat too: your first 3-wave as A, then the range as wave B with quite a familiar wave C of B kind of final thrust and the whole C of B is strong (your i circled), then now we are onto a 5-wave of the flat. Just guessing.

Originally Posted by aerocom

Hi Frank;

I see this as a classic zig-zag pattern. Where you have your blue 4, I view as A, a five wave move followed by a flat (3) which should be followed by 5 down. Price here, should move into the 1400 area before any meaningful correction. The alternative would be a truncated wave C which would likely mean a bottom is in at .618 of wave A.

Be careful.

Good Luck.

Hi Aerocom
Yes, that is of course a possibility (my C could just be an A), nevertheless I keep thinking that the correction is not yet of such a high degree... Good luck!

Hi Franosh
Ok for the flat idea... could all be...

Here a bigger picture of silver and gold (weekly) how I see it (its a bullish possibility, but there is evidence also for a more bearish view... I know).

Here is what I am watching in the Gbp$ as stated earlier today. Notice how the move has adhered to the channel. If it does not break out the top, it will work its way down over the next week toward 6000.

If it breaks out the top, look for a retest of the 6200 to 6250 area.

Good Luck.

if you analyze eurusd from Elliott view. I think it is in correction phase, can expect impulsive have in 1 or 2 days. what you say guys?

This what I see from my chart

Competent Trades: McDonald's stock & what it means for the market

Current Not trend. Current correction in 1 hour and 30 min time frame.

Originally Posted by fazi

Hi Aerocom,

we have SLTD top confirmation here (1.6074 broken) - ITD1 bottom is due on friday, but it will most likely be late, ITD2 top (super short opportunity) should be no later than mon the 21st. Howdyy has his bottom due about 16th

GL

Patryk

Well, price action tells a different story. Above 1.6196 and we have most likely the following count:

Early ITD1 bottom in and a final push higher to, either inverted (1) top (sooner) , or regular ITD2 (later) due arround the 21st. The newmoon is on 20th (cable`s beloved topping time) and options expire on the 19th - that would suggest ITD2 as a final top.

Patryk

leading diagonal and min target of 1.02
let the cash register ring

ps: was a pip away from being stopped, seems like this is wave 4 and not leading diagonal, stop adjusted lower target still 1.02

Loonie. Think lower in a complex correction.

Good Luck.

Originally Posted by fazi

Well, price action tells a different story. Above 1.6196 and we have most likely the following count:

Early ITD1 bottom in and a final push higher to, either inverted (1) top (sooner) , or regular ITD2 (later) due arround the 21st. The newmoon is on 20th (cable`s beloved topping time) and options expire on the 19th - that would suggest ITD2 as a final top.

Patryk

Looks like we are headed for that low. I still think we see 6200 - 6226. Although, I did see your post on options. Thanks for the info.

Good Luck.

Hi Guys,

A similar thread was post on the commodity currency. I post the similar topic, hopes to get more pointers from the seniors here.

I have done a wave count on the Loonie pairs and discover that there might be a reversal underway. It is approaching double top and there is a divergence between the price and MACD. Going to short the currency at 1.0050 and target profit at 0.9977. Hopefully the economic data later today will support the reversal.
Attached is the hourly chart of the loonie pairs for your reference.
Pls advice.

Many thanks.
Trendie77

Originally Posted by Trendie77

Hi Guys,

Going to short the currency at 1.0050 and target profit at 0.9977.
Trendie77

I'm definitely not a senior but I think you have a plan. However, Look at aerocoms count, where you see a short term trade I see a hedge or a mid/long term long.

good luck.

as of 1st of MAY 2012 CAD bull speculators (USD/CAD shorts) Reached an extreme on a ratio basis (Above 80% bulls) and an extreme in net positioning. Commercials reached an extreme on a ratio basis (bellow 20% bulls) and an extreme in net positioning similar to that of the 2011 peak!

There is little chance you'll be wrong longing the USDCAD with a stop bellow the april low. good luck

Originally Posted by xtura

I'm definitely not a senior but I think you have a plan. However, Look at aerocoms count, where you see a short term trade I see a hedge or a mid/long term long.

good luck.

He will probably be good on this one. Price may carry to 9968. But, the rest of your statement I agree with. Since this is an irregular correction, I expect one more corrective move before wave 3 or C gets under way. At this point I think the next move should be a 3.

Good Luck.