Id count it as 3 down so far as I think your 4 may be to short in time but I agree with you...definitely looks impulsive. The thing is though, if this is a v of III, will v be extended or will we get an immediate bounce back up once a new low is made?
Well we now got new lows. This is how Id count todays action thus far in the EJ. I agree. Im taking half my position once I get any indication we will retrace.
EURGBP has put in a major top on the monthly chart and will continue downward, I think we're in a large wave 4 correction and right now playing out a "B" wave in that correction which is appearing as a large triangle. I expect we'll see further whipsaw in this pair over the next few weeks before an eventual down side break. Looks good right now for bears with Price near the highs.. I'd say this pair is even good for an intra-day trade to the short side right now targeting the .7700 area again -- 200+PIPS But there is longer term bearish potential as well.
I'm positive AUDCAD is going to drop about a thousand points next week... I have been watching this week's price action closely and it appears to be creating either a shooting star or gravestone doji... Either of which will be very bearish going into next week.
EURGBP has put in a major top on the monthly chart and will continue downward, I think we're in a large wave 4 correction and right now playing out a "B" wave in that correction which is appearing as a large triangle. I expect we'll see further whipsaw in this pair over the next few weeks before an eventual down side break. Looks good right now for bears with Price near the highs.. I'd say this pair is even good for an intra-day trade to the short side right now targeting the .7700 area again -- 200+PIPS But there is longer term bearish potential as well.
Hi Brad
looks like this has over shot the down trend line, looks like a even better short from here.
What your thoughts brad here?
Cable has tanked, i note that Jamies Analysis has been pulled from the daily fx site.... re a cable bottom.
Brad thanks for telling me not to go long on this, you warned all of us here recently..
No matter how reliable my count looked like yesterday, today it is totally VOID - luckily I escaped with no damage. Time to turn to the most bearish scenario, guys, with no guarrantee that the first leg is over but with daily volatility of more than 450 pips, it looks likely:
Last edited by freelancer; 10-24-2008 at 04:55 AM.
The wave 5 in stocks seems to be on the way.
I believe we have to prepare now for a coming reverse.. Or, better to say, for the longer term correction, not just day or two.
The reverse could take any form and happen at any time now.
I wouldn't be even suprised if the total ban for short selling will be issued.
Heh, so many new opportunities are about to open again...
It's a pity that i don't have much time now, but anyway, will try to figure out few best cases from EW persective and post it here.
No matter how reliable my count looked like yesterday, today it is totally VOID - luckily I escaped with no damage. Time to turn to the most bearish scenario, guys, with no guarrantee that the first leg is over but with daily volatility of more than 450 pips, it looks likely:
I have agreed with you yesterday, I agree with you today.More south to come
No matter how reliable my count looked like yesterday, today it is totally VOID - luckily I escaped with no damage. Time to turn to the most bearish scenario, guys, with no guarrantee that the first leg is over but with daily volatility of more than 450 pips, it looks likely:
I don't agree with the most bearish scenario. You did have yesterday small mistake in your analysis, i posted a correction to your chart, but that's all. Not a reason to change greatly your mind.
And, what is very important now is that we are in wave 5 in many markets. So the time to accept the most bearish scenario is over, now it's more the time to prepare for a reversal or for huge correction at least.
I can feel quite clearly that we are near the panic mode - good sign.
Do you and anybody else?
The best would be if we fall another few hundert pips right away, without any long stops.
Then i will definately enter from the long side.
looks like this has over shot the down trend line, looks like a even better short from here.
What your thoughts brad here?
Cable has tanked, i note that Jamies Analysis has been pulled from the daily fx site.... re a cable bottom.
Brad thanks for telling me not to go long on this, you warned all of us here recently..
regards
Ray
I didn't think EURGBP would get up past that down trend line, but there is still a possibility that it could be completing a final corrective wave of a correction... I'll be watching for a candlestick reversal to confirm a top is in place once again before going short again.
PS: I absolutely can't believe that JAIME was calling a bottom for GBPUSD and has been for a while, yet it's been falling vertically for months.. I'm glad I watch the long term charts and not the short term so much. I hope not too many people lost a whole bunch of money on that call !!
Hey Justy,
Thats my count for the Eur/Jpy as well. Ive been short for 127. This ABC you have labeled looks like a iv of III of 3 down. Heres my count thus far. Interesting how Big mike is looking for 102. Very possible.
Italm!
Looks like we are in 3 of 3 NOW - 1000 pip drop (in 9 hours)
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Originally Posted by italm31
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But there is longer term bearish potential as well.
