Elliott Wave Trading Discussion - Page 930

aerocom · #**13936** (**permalink**) 07-02-2009, 02:02 PM

Wave 4 of diagonal likely complete. wave 2 is 64% of wave 1 and wave 4 is currently 64% of wave 3. Neely implies that wave 4 is likely to be more complex than wave 2 therefore, price could drop below 3988. Likely targets for this leg up wave 5 of leading diagonal are 4199 as 61.8% of 3 and, 4324 at 99% of 3. Caution: wave 1 is extended so watch for lower target.

Afterward, expect a drop to about 3881 then I have high target at 4821. Subject to change.

Good Luck.

apipintime · #**13937** (**permalink**) 07-02-2009, 02:04 PM

Looks as if we completed a flat correction, and are in the process of completing 5 waves up from the 1.1436 low. I will be looking for completion of wave 5 and then a 3 wave pullback into the 1.15-1.1550 area for a long entry.

fazi · #**13938** (**permalink**) 07-02-2009, 02:14 PM

[quote=brad_1199;302825]Cmellon... Kind of curious what your delta logic tells you about EURJPY.... I am very confident in the diagonal triangle scenario that I show in the chart below, but something tells me your delta logic likely points down much sooner.... If you have time for a reply, great

EURJPY Daily Chart ------------->

Brad - a truncated 5th of an ED is a possibilty inline with cmellon`s delta count

Patryk

marketwavez2 · #**13939** (**permalink**) 07-02-2009, 02:22 PM

Quote:

Originally Posted by Zero Gravity

Good analysis Market....I had a flat correction going on..but your 5 wave truncation looks spot on. Let's see how it plays out in the next trading session.

Thank You for your compliment ...........

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marketwavez2 · #**13940** (**permalink**) 07-02-2009, 02:35 PM

Usd/Cad

CHART UPDATE :

Yesterday ........... to ................. Today ...............

This is turning out to be one this week's best .............

Up 120 pts so far /////////////////

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

fazi · #**13941** (**permalink**) 07-02-2009, 02:51 PM

Just in case nobody has noticed - we have a channel breakout - and a double rejection of a sloping TL at .50 fibo - I think it could go lower without making new high -

lack of impulsive moves (aussie, kiwi, loonie, cable also) could be pointing for a B wave unfolding now - probably a running flat in order to respect the sloping TL - we`re in a fast movin` bear market

weekly candlsticks -double hanging man covered with a long black candlstick (if this week closes here or lower) look undoubtedly bearish

Patryk

Andy K · #**13942** (**permalink**) 07-02-2009, 03:24 PM

Quote:

Originally Posted by marketwavez2

Usd/Cad

CHART UPDATE :

Yesterday ........... to ................. Today ...............

This is turning out to be one this week's best .............

Up 120 pts so far /////////////////

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Well done MarketWavez - still truckin' I see.

Heres todays update on my oil trade....profit taken....

(Not a dissimilar trade from yours - I just cut out the middle man and went straight to oil rather than CAD)

justy10125 · #**13943** (**permalink**) 07-02-2009, 05:26 PM

Hey Guys,

Here's an update to last night's USD/JPY diagonal setup. Price has now declined into what could be a wave (4) low, and could be setting up for another rally in wave (5).

justy10125 · #**13944** (**permalink**) 07-02-2009, 05:38 PM

Here's a longer-term count for EUR/USD. Price has so far unfolded in a series of three-wave moves, so a diagonal could be unfolding.

justy10125 · #**13945** (**permalink**) 07-02-2009, 05:48 PM

Here's a bullish count for USD/CHF.

Ilovepippin · #**13946** (**permalink**) 07-02-2009, 06:02 PM

Quote:

Originally Posted by justy10125

Here's a longer-term count for EUR/USD. Price has so far unfolded in a series of three-wave moves, so a diagonal could be unfolding.

That's brilliant! Very good observation. Thanks!

benfx · #**13947** (**permalink**) 07-02-2009, 06:04 PM

Quote:

Originally Posted by benfx

hi all,

I'm following Justy's count on usd/jpy (:ABCDE triangle)
and I've got this, shorter term, Hourly view :

I've just shorted it, put stop at 97.43
target arround 94.5, to achieve E...

hi,
my short on usd/jpy is still working,
my count, updated (view 4H):

my stop's now at 96.91

Ilovepippin · #**13948** (**permalink**) 07-02-2009, 06:39 PM

Hey Justy,

Here is another probability:

zeev · #**13949** (**permalink**) 07-02-2009, 06:43 PM

terminal in eurusd may have completed today without extending, price going below 1.3825 will be solid confirmation

aerocom · #**13950** (**permalink**) 07-02-2009, 07:04 PM

Quote:

Originally Posted by justy10125

Here's a longer-term count for EUR/USD. Price has so far unfolded in a series of three-wave moves, so a diagonal could be unfolding.

Thanks Justy;

That explains a lot especially in view of the fact I switched and was looking at the uptrend line to complete wave 4 in the 3458 area.

I am also long the $yen. My overall view is that the $yen is in a long-term ending diagonal with this leg up likely to trade into the 109.76 area. Do you have a long term view.

Good Luck.