Is this the top or a top in euro ?!
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Marketwavez, I see the same thing in cable as you. Waiting for breakout of the channel support.
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cable:
hellow fellow wavers
i am looking at cable and it seems aiming for new lows below the formed one at 2.0350, but before that i still believe that we are currently in a correction for the move from 2.1160-2.0350,
whats amazing is the weekly closure for the bound trying hardly not to ignore the previously formed evening star on weekly chart.
here is my chart , and wish you all profitable trades
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Hey market,
I agree with your assessment of the Pound. Not only is that the 50% retracement line of the move down so far, but its also the 78.6 retracement if wave i (blue) of 3 down. Im labeling this latest retracement with is in 7 waves, a wave ii of 3. The maximum wave 2 will usually retrace is 78.6% which gives me further confidence in this count. A break below the 2nd b (yellow) at 2.0584 is need for confirmation.
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My count (if it is the right count) for the Pound has been confirmed with 2.584 (2nd yellow b wave) being taken out. We should be in the early stages of wave 3 down. Early next week should very interesting for the dollar. Im labeling this last leg as a i of III of 3 down.
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Hey guys heads up for the pound. We have a 5 waver from yesterdays high. Here is my long term count.
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CHART UPDATE :
from last night post in here .........Sell 0645 Stop
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Price broke down this morning ......... !
-Now waiting the approach of the targets ..........
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( Double Click on chart to enlarge )Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=9578&stc=1&d=1195847633 http://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=9579&stc=1&d=1195847666
Here is an update of the Usd/Yen Wave-count ( Short term )
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Longer-Term ( Usd/Yen )
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- Is the Usd/Yen going to hell in a hand basket ?...........
How much lower do you think ............?
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Hi everyone.
I am studying Elliott Wave Principles and have been trying to apply them with GBPJPY.
I have posted charts in another forum but I rarely get comments from seasoned ellioticians.
I am hoping to get some feedback from you here as I see that this thread is devoted to EW.
EG
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I also have a series of charts from the monthly down to the daily aside from the above 4hour chart which supports a Potential of a wave 5 UP on the Daily Chart . I was hoping to post all the chart as a series in just 1 post but each post only allows 1 chart so I am not sure if I am allowed to post all my charts here.
But going back to the 4 hour chart, as you will see, I think I am seeing an ending diagonal triangle which could fit a wave 5 of this wave C down.
However, when I move to the Daily or the Weekly chart, I also see the Head and Shoulder Pattern Potential.
I am currently lost as the ending diagonal triangle wave 5.... I propose seem to counter the potential of a head and shoulder patternn on the 4 hour chart.
And based on Fibonacci Relationships between wave c and wave a...... wave c can be 61.8% of wave a. However, in my experience, GBPJPY prefers the 78.6% Fib level over the 61.8%. And the Possibility of Price ending at the tip of the ending diagonal before it Bounces UPWARD falls between the 61.8and 78.6% Fib Projection for wave c end.
EG
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I'm currently trying to make heads and tails with GBPUSD. I really don't think it's impulsive. I think it's more like this: (either a wedge or a combination of corrections)
http://img405.imageshack.us/img405/9403/gbpusdav6.gif
http://img340.imageshack.us/img340/2189/ujewcup8.gif
Here is my USDJPY.
Tell me what you think. I still hold that (IV) hasn't happend because IV needs to come to a point where it touches the Trend Line. (V) I'm feeling..will be extended.
Hey Johan,
It could already be a clean 5 wave count. Thus we might be in wave 2.
Have a good week-end guys.
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There's still potential for EURUSD to go higher before crashing in wave C since it barely reached 38.2%. I am looking for 4875 to cap the move up. Also I would be careful of the insane uptrend resuming should we break the high of 4967.
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Adrian this is my take on the usdjpy, I am looking for a wave 2 correction to around 109.4 before the larger downtrend resumes
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I was in the same situation Adrian, but looking at the smaller timeframes it was possible for me to label that move as a wave 4. You can argue that 5 waves down is over for a 5th of 3 or C, but unless 110.57 is broken impulsively i am staying bearish with this count.
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my idea for euro.......
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Hey Kurt,
I always try to analyze each market separately. Trading is hard enough without trying to figure out inter market relationships. For example, most people trade gold based on what the USD is doing. However, they are 2 separate markets entirely. To assume in the history of gold and the USD, they always traded contrary to what each other did is ignorant. There have been times where they have traced in the same direction.
Now to comment on your post. I expect a major reversal of the Usd this week. However, the Usd/Cad is way overbought on an intermediate level and I am looking far a wave c in an expanded flat which is similar to my Cad/Jpy count. The Cad seems to be trading more in tandem to the Jpy pairs than the Usd pairs but that could change at anytime which is why it is important to analyze each market separately.
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Hey blueman,
We have very similar counts for the Eur/Usd. Only the last leg down you count as A, I count as 1 or A. There is a very strong possibility of a major reversal this week. I just noticed a very important Fib level that usually happens during expanded flats where wave b usually does an external retracement of 127 to 162 % of wave a. We have reached the 162% almost to the pip before Fridays decline.
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Hey Kurt,
Typically, wave C in an expanded flat will end at or near 38.2% of the original 5 wave decline. Although Ive see some end near the 50% to 61.8%. Ive even seen 78.6 % but those are extremely rare.
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A large correction?
Hi I usually just lurk around here, you guys are all genius and I love reading the posts, I have a possible theory, I don't know but would like to know what you all think! Here is a chart I am attaching from when the Euro first came into play and it is quite interesting, if something is not clear please ask me what I mean. I am thinking a large correction is in the works, or a much larger move up, just can't quite figure which one!!
http://www.autotrimdesign.com/JMT/FOREX%20Trading/Charts/EUR-Historical_Chart_1_Study.jpg
I'm not going to be overly bearish on Usd/Yen for now because it's dangerous to do that. Jamie's long term count says that the triangle is complete and we're heading down, but there is another possibility. That is this down move instead completed the B wave triangle and we might be on a C wave up. Note that so far we've only completed 3 waves down on the daily so anything is still possible. This down move may be only a zigzag. So I would rather be bullish for now.
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Whats up doc? (sorry couldn't resist...lol)
Yes, I like the diagonal scenario too on the Cad Jpy. i just posted it as an expaned flat clount cause Kurt was asking about it. Truth is it could be either or. But diagonal looks likely if we don't make a new lows.
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Oh Well, this one didn't work out --------
( Although at one point on Wendsday there awas a profit of 120 pips )
Price simply did not reach the intended targetsAttached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=9613&stc=1&d=1196195137 http://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=9616&stc=1&d=1196195282 http://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=9617&stc=1&d=1196195301
Moving along ,
The Gbp /Usd appears that the 50 % Retracement line is still holding as resistance
Still watching this Gap ...........
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Will we close it in the coming days ? .............. I really don't know
I'm just pointing out to everyone is that it is there starring at all of us !
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Hey guys, has anyone else have the same count on the euro or is it just me http://www.learncurrencytrading.com/fxforum/images/smilies/wink.gif
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And here is the cable. I'm thinking it might break that pennant to the upside first and touch the resistance at 61.8 before comming down. I just don't see any impulsive moves yet which makes me think we are still in correction.
But of course I might be wrong.
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heads up guys,
I see a beautiful opportunity of at least a temporary top on the Eur/Gpb.
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Hi Guys,
What's with the hate euro campaign going on heheh. It is my fave pair since starting this journey almost 2 years ago. Here's what I see for the pair, heading for 4770 very short term to complete at least a flat correction.
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Hey Jimbo,
Ive had that count for a while. I think its the end of the line for the pound as well but I see significantly more weakness witht the Euro hence the chart I osted on the Eur/Gbp(1912). The Eur just completed an extend wave 5. not wave 3 but 5. I don't think it has anywhere else to go. Its the law of gravity. It has nothing to do with hating the Euro as some may have suggested.Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=9631&stc=1&d=1196253087
Here is a long term view of the Euro. I posted this chart last week but I can't find it. Here it is again. Not only is it overbought, but momentum is down. I don't think its a time to keep a bullish bias.
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