Thread: Elliott Wave Trading Discussion

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Hi i m still learning , but my try was that we are in still in C didn't completed yet as we need one more leg up , of course it went deeper than i though but i think C might be completed near 1.2710/30 .
if this is a triangle i need 3 legs for each top or bottom right ?

Originally Posted by JoeyLee

This is what i see on the daily chart. It looks like complete 5 wave. It may be truncated

"may be truncated"
then should be not truncated
by the way, what is the move that let you think it is truncated?
and truncated count is 99% of the time incorrect as it is used by traders to give a valid excuse that the move is done
anyway, nice sharing your view

Originally Posted by stanchiam

"may be truncated"
then should be not truncated
what is the move that let you think it is truncated?
and truncated count is 99% of the time incorrect as it is used by traders to give a valid excuse that the move is done
anyway, nice sharing your view

The correct way is to long at last week close if it is strong impulse moving up if it is truncated. Or you can take a risk entering now if it is not an impulse. I already close short. Waiting for the thrust. Last week was unexpected week. Automatically it tells me last week bar is the end or the signal.

Zigzag as alternative?

Originally Posted by MOZI32

Hi i m still learning , but my try was that we are in still in C didn't completed yet as we need one more leg up , of course it went deeper than i though but i think C might be completed near 1.2710/30 .
if this is a triangle i need 3 legs for each top or bottom right ?

as long it is within the rules, then your count is valid

Rules and guidelines for identifying and labeling a Contracting Triangle (CT) pattern
1) Wave A can only be a Zigzag, Double or Triple Zigzag, or a Flat pattern.
2) Wave B can only be a Zigzag, Double or Triple Zigzag pattern.
3) Wave C and D can be any corrective pattern except a Triangle.
4) Waves A, B, C and D must move within or close to within the A-C & B-D channel lines.
5) The intersection of the channel lines must occur beyond the end of Wave E.
6) The channel lines must converge. They cannot be parallel.
7) One of the channel lines may be horizontal.
8) Wave E can be a Zigzag, Double or Triple Zigzag, or a Contracting Triangle.
9) Wave E must be less than Wave D by price, and Wave E must be more than 20% of Wave D by price.
10) Either Wave A or Wave B must be the longest wave by price.
11) Wave E must end in the price territory of A.
12) Wave E must move within or close to within the B-D channel line.

Originally Posted by Clivewaverider

Zigzag as alternative?

zig zag in this wave
so may i know what do you label it as? if it is wave 4, then how about your wave 2?
is it complex or a zig zag

Dow Jones W1. See at the bar. 5 monthly bar bull. Only 1 bear bar. If it is bearish, therefore last month it should show a sign of weakening but no and it shows a sign of weekly thrust. Cannot believe all those experts outside.

This is my count. Only slightly different than easy trader.

1.25 give way, 1.254x zone(+-15pips) next
if it go below 1.25 and do not have strong bounce in the zone
then say bye bye to bulls

of course i am waiting for the bounce to complete my wave e

Cable is looking good for a bearish set up as well. This is what I have been waiting for 5 down. Now I need to see 3 up and im shorting. I too am looking for a bounce up but in my view it is a wave 2.

The euro will have little or no upward momentum this year as the euro zone struggles with recession and its sovereign debt crisis.
If the euro zone crisis eases at some point in the second half of the year, as is expected, global risk tolerance is likely to rise, which is usually positive for the Australian dollar.
Apart from the weakness of the European economy, monetary policy is more likely to loosen in the next several months in Europe than in the Australia.
ECB is expected to cut its main policy by 50 basis points before the end of 2012 to help support the euro zone economy, which is already in recession.
Australia's economy is currently suffering from the slowdown in China, but in the medium term it will continue to benefit from strong Chinese demand for mineral imports.
Australia's GDP growth is forecast to accelerate to about 3% in 2012
The Australian economy should continue to expand at around 3% a year in following years.

Originally Posted by Macro Observer

The euro will have little or no upward momentum this year as the euro zone struggles with recession and its sovereign debt crisis.
If the euro zone crisis eases at some point in the second half of the year, as is expected, global risk tolerance is likely to rise, which is usually positive for the Australian dollar.
Apart from the weakness of the European economy, monetary policy is more likely to loosen in the next several months in Europe than in the Australia.
ECB is expected to cut its main policy by 50 basis points before the end of 2012 to help support the euro zone economy, which is already in recession.
Australia's economy is currently suffering from the slowdown in China, but in the medium term it will continue to benefit from strong Chinese demand for mineral imports.
Australia's GDP growth is forecast to accelerate to about 3% in 2012
The Australian economy should continue to expand at around 3% a year in following years.

You are suggesting two currencies, up til' now joined at the hip are about to part company.???????????

Originally Posted by JoeyLee

Dow Jones W1. See at the bar. 5 monthly bar bull. Only 1 bear bar. If it is bearish, therefore last month it should show a sign of weakening but no and it shows a sign of weekly thrust. Cannot believe all those experts outside.

Nice call Bro. Hope you shorted Eur/AUD, EUR/CAD, or long AUD. S&P looks ready to rally. Banked except AUD long.

market looked bleak now, rates cut, BOE QE, ban on short selling....
just tell u how anxious the governments are
still bearish on usd? risk aversion?

since europe already pressed the panic button and usa will not be having QE since ADP　ｂｅｔｔｅｒ　ｔｈａｎ　ｅｘｐｅｃｔｅｄ
ｕ　ｇｕｅｓｓ　ｗｈａｔ　ｓｔｏｃｋ　ｍａｒｋｅｔ　ｗｉｌｌ　ｄｏ　ｎｅｘｔ

ps: au is always moving slower than the rest, next to cut rate will be them, expect it to be under stress once market start to sell off
overall, my take is usa economy is fairing better than europe which is in a mess and hardly under control as all countries have different view