Thread: Elliott Wave Trading Discussion

That one could also be of interest...

I know, many updates on this pair here, but my 2 cents anyway. Update from last one during the weekend. I have been keeping this same count for a while now. Lets see, if the MACD crosses down, I am short until infinity, well sort of. If the prices breaks 1.31, I am out and reverse to a long position.
Edit: PS and oh by the way. The current top of C 2953 is the 161.8 extension of A. Also, 1.2923 is the 23.6% fibo line from 2436 till 3055 the C wave of bigger degree.

Is the fat lady singing yet, that is the question.

12/08 16:39 EUR/GBP TECHS: Fresh Life-Time Highs; 0.9020 Next - More
Nasty price action today with the market initially looking like it was in the process of topping after taking out both Friday"s and Thursday"s lows, before once again rallying back to now set fresh lif-time highs beyond 0.8726. The cross continues to ignore overbought readings an a test of the synthetic highs by 0.9020 is now favored. (JK) 17:57 GMT
end

Originally Posted by Big Mike

Is the fat lady singing yet, that is the question.

Certainly looks like its curtain call soon.

Originally Posted by italm31

Certainly looks like its curtain call soon.

I think shorting this pair is too risky. I am looking for above .91 to try a short

regards

Jewel

Anyway an update to my last post on the eur/usd....

This is what the euro did the last time it carved out this exact pattern..

In the euro session the euro break a regression trendline from the recent peak, so the bulls have made the position. Definetly time for popcorn during the next euro session.

Hey Speculator84,
Very interesting observation...thax for making it! Granted the last time that pattern was made, it was a much larger degree. But your right...this is not over yet. It will be soon.

Originally Posted by italm31

Certainly looks like its curtain call soon.

well, it is time for the fat lady to go on a diet.
she can shed at least 1000 pips.
i am officially short now.

1000 pips bare minimum...lol....Im short as well...Nice reversal candle on 4hr chart! Lets see where this leads.

Originally Posted by italm31

1000 pips bare minimum...lol....Im short as well...Nice reversal candle on 4hr chart! Lets see where this leads.

Yeah, sheès got way too fat lately. She will need a diet really bad.

We discussed it many times that Euro is the last remaining bubble in currencies.
There is no justification.

While I do not make trading decisions based on fundamentals, I like to keep them in the backdrop, as a stage design for the fat lady:
- Housing bubble in Spain
- Political crisis with Treaty of Lisbon
- Huge exposure to debts in Eastern Europe (bad debts, most likely)
- Fiscal crisis in Italy and Greece; we all know, what happened in Athens yesterday, but it is just the beginning of a bigger issue.

Originally Posted by speculator84

Anyway an update to my last post on the eur/usd....

This is what the euro did the last time it carved out this exact pattern..

In the euro session the euro break a regression trendline from the recent peak, so the bulls have made the position. Definetly time for popcorn during the next euro session.

do you have a 1hr or a 4hr chart please?

here is a 60 min of the eurusd and the last few waves of what i am still calling a triangle. again, 1.3085 is key and price is approaching triangle resistance now. if there is to be a bearish outcome, then this is the place for a top to form.

Here's a hastily put together 30min chart of the EUR/USD. I always look for divergence to identify a weakening of trend, especially because it usually accompanies 5th waves. The EUR/USD is building that bearish divergence up on the RSI and stochastics as seen on the attached chart. I attempted to add a wave count as well which has the pair in an ending diagonal within larger wave C within the larger bearish triangle. If the count is correct, it appears the pair will inch it's way higher into the european session tonight to complete the diagonal, with increasing bearish divergence, and should roll over soon after.

Side note: gold also looks extremely bearish and has traced out a nice 5 wave decline last week. I expect gold to get into the low $600s very soon. The EUR/USD's down move should coincide with that.

Comments?

American-T

Originally Posted by American Trader

Here's a hastily put together 30min chart of the EUR/USD. I always look for divergence to identify a weakening of trend, especially because it usually accompanies 5th waves. The EUR/USD is building that bearish divergence up on the RSI and stochastics as seen on the attached chart. I attempted to add a wave count as well which has the pair in an ending diagonal within larger wave C within the larger bearish triangle. If the count is correct, it appears the pair will inch it's way higher into the european session tonight to complete the diagonal, with increasing bearish divergence, and should roll over soon after.

Side note: gold also looks extremely bearish and has traced out a nice 5 wave decline last week. I expect gold to get into the low $600s very soon. The EUR/USD's down move should coincide with that.

Comments?

American-T

here is a chart of gold..the pattern favors weakness as you mention. this is more evidence that the USD rally is not yet complete.