Thread: Elliott Wave Trading Discussion

This is the bearish alternate. Price would need to come under 1.4546 in impulsive fashion for me to favor this.

Originally Posted by Jamie Saettele

a small wave iv could touch the elliott channel...the 38.2% at 1.4591 intersects with the line at 11 am (new york) tomorrow. a quicker decline might test closer to 1.4565-70. if the parallel line fails to hold, then something else is going on...perhaps a larger decline in the making

Right now it looks like EURUSD bounced off the top of wave iv of lesse degree.
The current wave in the making looks like an impulse. Maybe (???) the correction is done now?

Originally Posted by Big Mike

It is possible that the correction was finished at 1.0856, judging by the internal wave structure. Myself, I am short, which does not mean that my stop at 1.086 will not be hit. If I get stopped, I will reassess. But I will not move my stop, only to escape.

I think we are going to see a much deeper correction since there is bullish divergence on 30min USDCHF and the same thing but bearish on EUROUSD!!

EDWARD,

Originally Posted by Edward16

I think we are going to see a much deeper correction since there is bullish divergence on 30min USDCHF and the same thing but bearish on EUROUSD!!

EDWARD,

All day long price has been doing up and done because of divergences!!!
Amazingly respecting the wave structure at the same time.

Edward,

Originally Posted by Edward16

Hi Brad,
I thank you for the chart!!
I saw your chart too late since I am in diff, time zone(Europe).
Unfortunately I was stoped out since I had my stop set @ 1.7670 just over the pivot line. I believe the correction is over and we should see 5 wave down to our target of 1.7050?
Thanks again,
Edward,

I believe we are going to see higher prices in EURAUD still while the correction completes... the 61.8% retracement of the 5 wave decline is at 1.7864 so I've got my eyes on that area for a downward reversal.

Now as for targets on the downside, mine have changed to follow the new wave structure. I'm going to be aiming for 1.6231 (100.0% extension of the 5 wave decline) as well as 1.5609 (161.8 extension of the 5 wave decline) -- Depending on where this upward correction finishes, I will also have other shorter term targets on the downside, but I must wait for completion of the correction until I can peg those numbers.

Originally Posted by brad_1199

I believe we are going to see higher prices in EURAUD still while the correction completes... the 61.8% retracement of the 5 wave decline is at 1.7864 so I've got my eyes on that area for a downward reversal.

Now as for targets on the downside, mine have changed to follow the new wave structure. I'm going to be aiming for 1.6231 (100.0% extension of the 5 wave decline) as well as 1.5609 (161.8 extension of the 5 wave decline) -- Depending on where this upward correction finishes, I will also have other shorter term targets on the downside, but I must wait for completion of the correction until I can peg those numbers.

I totally agree with you and ever since this morning I have been long and my numbers are a little diff. from you as for target but I take yours since I know you have more experience than me for sure!!
I am also posting a chart of EUROUSD weekly which clearly indicates the price has to go up to around 1.5 level after the correction is over!!

I thank you Brad for the update on EUROAUD since I am pretty heavy on this pair.

Edward,

Hey guys,
Those that are short stocks be carefrul. A bullish divergence on the daily stochastic made step back and take a look for a possible bull count (short term of coarse). We may be headed back to 1350 in the S&P. Down and Nasdaq show similar patterns.

Originally Posted by Big Mike

Right now it looks like EURUSD bounced off the top of wave iv of lesse degree.
The current wave in the making looks like an impulse. Maybe (???) the correction is done now?

You are correct, it could be done as the rally from 1.4622 to 1.4720 looks like an impulse. Allow for a correction back to at least 1.4680 (maybe even 1.4660).

Originally Posted by SKS

Hi Brad,

Very honest and geniune advise you had given to Edwards. I really appreciate your depth knowledge in EW & Candlesticks. I am sure many of us in this forum are benefitting a lot from your detailed analysis.

Just wondering for how long you are involved in Forex Trading as your experience is very valuable to us. Your threads are absolutely unbiased. Your 24/7 response is just fabulous. We are fortunate to have you and other like minded experts in this forum. If you join hands with Ilya you guys can make a killing in this Crazy market. Cheers

SKS.. Thank you for your kind words And I just want to say there are many talented traders on this forum I've been trading forex since 1999.

Jaime could you please refer to post #887 on page 60 of this forum.. I drew a count on your very long term EURUSD chart that I found on DailyFX and I'm wondering what you think of it..

Thanks

Originally Posted by brad_1199

Jaime could you please refer to post #887 on page 60 of this forum.. I drew a count on your very long term EURUSD chart that I found on DailyFX and I'm wondering what you think of it..

Thanks

Hey Brad,
I know you asked Jamie to comment on that chart and Im curious to hear his answer as well. I hope you dont mind me putting in my 2 cents as well. I actually like the count. I LOVE ending Ds and Kudos to you for noticing. I dont have that much data on my charts so thank you for posting it. As far as the ending D....very plausible. Only, I would put us in the final leg of V...that is C of V. No need to make it an A, then come down near the lower trendline for B then back up for C....That would take YEARS way more than this crisis will ever last. No if this is an ending D, Id say its the final stretch. The upper trendline is past 180...wow! That should really put a doom and gloom scenario on the dollar. Should also take a few moths to happen. Good job! As far as C of 5 goes, I was going for a minimum of 1.64 but the ending D count suggests thats just wishful thinkink. Hear is a closeup of how C is panning out.

Originally Posted by brad_1199

Check this chart out ! I would just like to say thanks to Jaime for posting this chart on DailyFX, I wish I had seen this chart a long time ago !

I'll bet we're in a long term wave 5 of 5 and I think price has topped out right now or soon and will head back to test the lower diagonal triangle line before we see one more monstrous run in the final wave 5 of 5 to complete some super cycle degree...

Let me know what you think guys

certainly possible. all i know is that i think we are headed lower before higher..that means below 1.3877 before above 1.60. i like to watch the shorter term stuff (as in daily and weelky charts) to see how things progress. trade on the temporary...it may become the permanent

Interesting article from Yahoo news on the bail outs.

White House whispers of 1929-style crash if bailout blocked

Originally Posted by Jamie Saettele

You are correct, it could be done as the rally from 1.4622 to 1.4720 looks like an impulse. Allow for a correction back to at least 1.4680 (maybe even 1.4660).

I have added the RSI and W%R intentianally so you can see there is no serial divergences, since if there was serial divergence there is no knowing when it will take place!!

Edward,

Looks like we've got a clean 5 up from the bottom of a major decline in AUDUSD... I'll be watching for a retracement to get long

AUDUSD 8 Hour Chart Below >>