Elliott Wave Trading Discussion - Page 989 - DailyFX Forex Forum

cmellon · #**14821** (**permalink**) 07-21-2009, 06:37 AM

ITD rotation seems to be getting clearer now and I am quite comfortable with the ITD rotation per the attached chart. However, ITD 5 high has not been confirmed yet without a daily close below 1.6317, so we may still get rally higher. MTD and LTD rotation are still not clear since MTD is still in inversion time zone.

Regardless of the MTD and LTD rotation, if ITD 5 high is already IN at 1.65556, then Intermedate Term direction is DOWN to ITD 6 low due around July 31. The price level of ITD 6 low (whether above or below 1.5982) around July 31 would later further clarifies the MTD and hopefully LTD rotation

Grin · #**14822** (**permalink**) 07-21-2009, 06:40 AM

Quote:

Originally Posted by qsx

hey guys,

just a quick observation.

pound/yen seems to have fallen off the daily trendline in 5 waves.. i am already a little short from last week from 144, but if someone wants to join the party.. i might add, as well, if and after a clear 3 wave rally.

livecharts.co.uk chart:

I'm short as well, and protecting my profits..., I'd feel better about this if the other Yens would get in step.

diver · #**14823** (**permalink**) 07-21-2009, 08:16 AM

Quote:

Originally Posted by marketwavez2

Your Welcome ....... Diver

------------------------------- --------------- -------------- -----
also , KEEPing AN EYE ON this Gap in the S& P

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

Market,

If we don't get a double top today at the highs (956) the gap you are talking about is the next logical stop where we may get the top.

diver · #**14824** (**permalink**) 07-21-2009, 08:19 AM

AM E-MINI update:

Potential double top today. If not refer to Markets post about the next gap that should be filled.

brad_1199 · #**14825** (**permalink**) 07-21-2009, 08:21 AM

Quote:

Originally Posted by Grin

I'm short as well, and protecting my profits..., I'd feel better about this if the other Yens would get in step.

Lmao.. Nice picture Grin... Thats funny

Heres the daily chart of CADJPY... Today price is topping out the right shoulder of a head and shoulders pattern I've been posting in here for a while now... It won't be long and the other JPY crosses will follow lower.....

CADJPY is set-up rock solid for short positions this morning

marketwavez2 · #**14826** (**permalink**) 07-21-2009, 08:21 AM

Quote:

Originally Posted by diver

Market,

If we don't get a double top today at the highs (956) the gap you are talking about is the next logical stop where we may get the top.

Can you post a chart showing what you are saying ....... thanx

diver · #**14827** (**permalink**) 07-21-2009, 08:29 AM

Crude oil daily.

IF, we are going to get lower prices and 5 waves down the top should be right here. This is the 50% ret. of wave 3. Also, it cannot violate the wave 1 low which it will if it goes to .618 Ret.

So, either the 3 waves down were only an A,B,C - or we are going lower right here.

If, we are going lower that would mean stocks and currencies going lower as well.

diver · #**14828** (**permalink**) 07-21-2009, 08:30 AM

Quote:

Originally Posted by marketwavez2

Can you post a chart showing what you are saying ....... thanx

See #14827 above.

fazi · #**14829** (**permalink**) 07-21-2009, 09:14 AM

Hi,

Eurusd

Don`t be surprised with a spike to 1.43 - probably an expanding ending diagonal unfolds here - drop below 1.4198 negates scenario,

Patryk

diver · #**14830** (**permalink**) 07-21-2009, 09:24 AM

2 day 15 minute short term look at E-MINI. There is definite correlation between the Euro and stocks. SP drops over 10 points and Euro drops 70 pips. So go stocks goes the dollar.

ravno · #**14831** (**permalink**) 07-21-2009, 09:28 AM

Quote:

Originally Posted by fazi

Hi,

Eurusd

Don`t be surprised with a spike to 1.43 - probably an expanding ending diagonal unfolds here - drop below 1.4198 negates scenario,

Patryk

very good, Patryk !

also don't forget the possibility of the expanded Flat...

fazi · #**14832** (**permalink**) 07-21-2009, 09:35 AM

Quote:

Originally Posted by ravno

very good, Patryk !

also don't forget the possibility of the expanded Flat...

thanks Ravno - Eflat - hmm - didn`t think of it

marketwavez2 · #**14833** (**permalink**) 07-21-2009, 09:56 AM

Quote:

Originally Posted by marketwavez2

I think it's bottoming out at an End of Wave C , ( Short term )
The target is on the chart -----

=============================================
Is price going to reach the target ? ..............

I really don't know ................... Only Time will tell ! .............

============================== ================
When you find a wave-count that you like , whether it be
mine , yours , or someone else's count , then the only thing
to do is decide where you want to enter on your own ,
and manage the trade set-up ! ...........

Gbp/Jpy

Here is the result form last week's original post
------------------------------------- -------------------------- ------------------
Long @ 153.50 ----- Stopped out @ 154.42 ---- Gain 92 pips

as you can see :

after isolating an End of Wave C ,
price- action turned around nicely to the upside

,,, but unfortunately did not reach its intended target

Time has spoken ...............

========================================

cmellon · #**14834** (**permalink**) 07-21-2009, 10:09 AM

Update USD YEN Delta from July 8 to today.

I am putting ITD 11 high as already IN at 94.78 due to the daily close below the low of signal day at 94.12.

Intermediate Term direction is DOWN, Medium Term direction is DOWN. Target is below 91.7, and target time is around August 6.

ravno · #**14835** (**permalink**) 07-21-2009, 11:05 AM

What is going on here ?

Are we building the impulse to the downside or simply finishing the correction ?

Hmmm....