Thread: Elliott Wave Trading Discussion

Originally Posted by FIDELIO

Do you think that an ending diagonal is still possible in Eur/Gbp?
Looking very carefully the wave structure of A or 1 Eur/Usd, I found out that the 3rd is the shortest wave concluding that finally this is an A-B-C correction.
Any disagreements?

Regarding the Eur/GBP - everything is possible, also the ending diagonal.
I would personally like to see some action north now, in order to be able to decide what was the last drop - correction or beginning of the new, rather huge move down.
Or at least the month close, then we could use the Brad's candelstick experience

As for EUR/USD, i'm not sure that i can follow you. Either give a chart or at least some price points...

usdchf 15min & usdcad 15min for anyone who isnt on board still

Originally Posted by ravno

Regarding the Eur/GBP - everything is possible, also the ending diagonal.
I would personally like to see some action north now, in order to be able to decide what was the last drop - correction or beginning of the new, rather huge move down.
Or at least the month close, then we could use the Brad's candelstick experience

As for EUR/USD, i'm not sure that i can follow you. Either give a chart or at least some price points...

Let's assume that it is the first wave of a 5-move.
1hr chart
1st wave 1,3882-1,4041
2nd wave 1,4041-1,3973
3rd wave 1,3973-1,4126
4th wave 1,4126-1,4042
5th wave 1,4042-1,4481

First and fourth wave do not overlap but if this count is correct the 3rd shouldnt be the shortest.
Opinions please

fidelio, could you please you charts? simply press PRINT SCREEN on your keyboard (above delete & insert buttons), then paste into a image program (something simple like irfan view), cut what you dont want to show and add a count in paint
i got your point, but its hard to follow. actually i would put the end of wave three at 1,434, but you are right, there is something missing.
i am staying away from the eurusd, as there are far more clear pattern at the moment at other places..

one thing i cant figure out is the eurgbp, but i will look for a candlestick reversal the following hours, especially around 0,8..

eurgbp 30min

Originally Posted by qsx

fidelio, could you please you charts? simply press PRINT SCREEN on your keyboard (above delete & insert buttons), then paste into a image program (something simple like irfan view), cut what you dont want to show and add a count in paint
i got your point, but its hard to follow. actually i would put the end of wave three at 1,434, but you are right, there is something missing.
i am staying away from the eurusd, as there are far more clear pattern at the moment at other places..

one thing i cant figure out is the eurgbp, but i will look for a candlestick reversal the following hours, especially around 0,8..

eurgbp 30min

I HOPE YOU CAN SEE IT NOW

i allowed myself to add what you meant.

this is not a valid count, because wave three is the smallest, and therefore you conclude this should be a ABC correction

Originally Posted by qsx

i allowed myself to add what you meant.

this is not a valid count, because wave three is the smallest, and therefore you conclude this should be a ABC correction

EXACTLY qsx.You 've got the point.
I would like also to have the opinion of as many as possible users because it is very important.
Also the gap can not be characterised as wave 4 since price never touched this level.

Look at oil, gold and €$!

€$ finally took off as Gold went up over $100 yesterday.
Also oil has broken out of its falling wedge. All 3 are at crucial resistance lines right now. I expect a little more struggle before a breakthrough.

EUR/USD count. We may have finished the first 5 Waves up out of the Wave B low. It counts right and looks right. If true, I have listed retracement levels. It can certainly extend Wave 5 if it wants. More likely is the retracement. The hourly bars also relate well. Either way we should be going higher once a small correction is finished.

Originally Posted by diver

EUR/USD count. We may have finished the first 5 Waves up out of the Wave B low. It counts right and looks right. If true, I have listed retracement levels. It can certainly extend Wave 5 if it wants. More likely is the retracement. The hourly bars also relate well. Either way we should be going higher once a small correction is finished.

It looks like your wave 1 is a corrective wave and therefore invalid as wave 1.

Originally Posted by Ilovepippin

It looks like your wave 1 is a corrective wave and therefore invalid as wave 1.

PIP,

I'm not sure I get that. Can you please elaborate? Possibly relabel the way you see it correctly. Thanks.

about the eurusd:
minimum expectations have been fulfilled for this correction.
what worries me is that it got rejected from the downside of a daily trendline, so it could be time for even bigger losses.
but still i prefer this up-down sequence as bigger A, and now bigger B, C finishing probably at 1,47...

Diver, I could be wrong, but this is how I see it.
Maybe someone else can give his/her opinion.

Okay, my count was just deemed invalid by dropping below 4397.
Your V at 4548 seems correct then.

Originally Posted by Ilovepippin

Okay, my count was just deemed invalid by dropping below 4397.
Your V at 4548 seems correct then.

LOL. I always appreciate criticism and help labeling EW. Can't have enough eyes on the ball!