Elliot Wave Trading

[italm31]

Hey guys,
It appears were at a crossroads regarding the Gbp/Jpy. We seem to be sitting on a wave ii trendline. A break below this trendline would not look to favorable for bulls.

[italm31]

Originally Posted by italm31 Hey guys, It appears were at a crossroads regarding the Gbp/Jpy. We seem to be sitting on a wave ii trendline. A break below this trendline would not look to favorable for bulls.

If this trend line we to break and wed be in a 3 or C down, at the very least typical price target for wave C would bring us down to 209 level while typical price target for wave 3 would be the 190 level. OUCH!

[Jamie Saettele]

Originally Posted by italm31 Well, I agree were going down...lol. But Im alot more bearish than you are regarding the Euro. Heck, im alot more bearish than everyone here I think regarding the euro. I see us going down into a wave C of super cycle degree. So I see us breeching the Dec. 2005 low. But I do like your chart....very intuitive.

Italm...given that currencies have only been traded since the early 70's, the largest degree visible at this point is cycle degree.

[italm31]

Originally Posted by Jamie Saettele Italm...given that currencies have only been traded since the early 70's, the largest degree visible at this point is cycle degree.

Your right Jamie, my bad.

[Jamie Saettele]

Originally Posted by italm31 Your right Jamie, my bad.

On another note...your bearish gbpjpy bias is gaining some traction. Here is the EURJPY. At the least, I do expect a drop below wave A (which is at 158.68) before any possibility of a sustained rally comes to the forefront. Whether or not that happens immediately or in a few weeks is not clear to me but I feel comfortable with a bearish stance against 165.36.

[Jeanne "The pip"]

Jamie, do we consider the bottom to be 226.22 (close to 226.90) for an upward movement to the trendline about 232 233? Thanks Jeanne

[Jamie Saettele]

Jeanne,

I do not know if this is the bottom or not. I can not forecast certainties but I can forecast probabilities. Given that the pair is dropping below trendline support and that the rally from the 221.27 looks corrective, I would say that probability is low that this is the bottom.

[Jeanne "The pip"]

You don't mean we are on the way to 210 yet? I'm thinking we still need to get to 233? Jeanne

[Jamie Saettele]

Recent consolidaton is a small 4th wave I believe and in the form of a triangle. Expect weakness near term to end near 113.00 before a terminal thrust through 113.59 completes wave v of 3 of C. Then 4 of C should unfold. In summary, expect a choppy USDJPY over the next week at least.

[brad_1199]

Originally Posted by Jamie Saettele Recent consolidaton is a small 4th wave I believe and in the form of a triangle. Expect weakness near term to end near 113.00 before a terminal thrust through 113.59 completes wave v of 3 of C. Then 4 of C should unfold. In summary, expect a choppy USDJPY over the next week at least.

USDJPY is just holding on for dear life eh Jaime !! lol .... I'm drooling waiting for the sell....

[Jamie Saettele]

Originally Posted by brad_1199 USDJPY is just holding on for dear life eh Jaime !! lol .... I'm drooling waiting for the sell....

Yeah...I think it is setting up for one of the better trades of 2008 but patience is key here. In fact, after the Dow drops below 13092 in order to complete wave X (I think), I am turning bullish JPY pairs for the short term.

[marketwavez2]

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Here is a look at the Usd/Yen
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[Jeanne "The pip"]

This is to Italm. I think Jamie is the best. I've been studying and reading his posts for months. I was referring to the help desk when I was having trouble navigating this forum and THEY were less than helpful. Called them again today and found the same thing. People here seem to be the best and very helpful and I really appreciate that. Someday I'll learn how to get around this forum. Thanks Jeanne.

[italm31]

Originally Posted by Jeanne "The pip" This is to Italm. I think Jamie is the best. I've been studying and reading his posts for months. I was referring to the help desk when I was having trouble navigating this forum and THEY were less than helpful. Called them again today and found the same thing. People here seem to be the best and very helpful and I really appreciate that. Someday I'll learn how to get around this forum. Thanks Jeanne.

HUH?

WHAT U TALKIN ABOUT WILLIS?

[brad_1199]

Originally Posted by brad_1199 LOL.... I guess not everyone here has experience... We all start somewhere eh bud I'm putting up this chart of GBPUSD.... Any suggestions always welcome! This downside thrust from the top is sure looking like a thrust from a wave 5 end. ANY TAKERS ???

Here's The Chart....