if you need any advice on Elliott and fibonacci price and time clusters, let me know, i am pretty versed and the more you teach the more you learn. If I do not know the answer ill find someone that does, i follow your charts and we can get ideas off each other
Actually you are on the right track...any time you see five waves< You should expect 3 in the opposite direction. Just make sure that the third wave is never the smallest.And you can plot future plots on fibonacci ratios and if you are correct on your judgement you should know how to trade the next step. I redo the chart with some examples,remember your not always right but when you are you make high probability trades
If you are trading and you have a plan then you should not have to worry about fundamentals( IMO) Usually most traders believe that fundamentals are already incorporated in the price. I do not need some economist telling me that corn is getting more expensive on some news Chanel at nine o'clock when I have been watching the price go up on a chart for a week for example. Fundamental data is good to be aware of but for now as long as you set up high probability low risk trades. You should focus on that.
I was charting out some simple Elliott Setups and ratios for you yesterday but fell asleep. Ill send them to you in a bit. I hope they help, There are many ways to trade but since you are using Elliott I believe the advice can really help.
Also Elliott is objective so there are certain points when you can tell for example if you have a failed 5 wave, I not sure what that means but maybe your talking about a truncated fifth but that is a weekly chart that looks like it is still ina fourth wave flat, which means the move down is is A move up is B and the move starting to go down again from this chart would be C after a flat correction then you can expect another five wave up which would equal the fifth wave of the larger degree and you can plot certain spots in advance and if they r right on then your trade set up will have that much more of a chance of being on the side where you can make a dollar J.K but Ill post some stuff and if any body wants to help and chime in please do, but lets not get him confused.We are all still learning.
Also remember before you get into a trade or when you are doing your analysis your right you want to make sure it satisfies the the minimum expectation,so now you know that a trade set up is possible.But if you want to make money you have make sure that a few things are in place.Price,pattern,another thing is you should be using dual charts so you are trading on a day chart but using an hourly chart for entry
You can only assume until it satisfies certain points that make in correct. It can still be a fifth wave move coming but there are rules in Elliott that can not be broken or your count is wrong. and there are guidlines that happen more times than not but not always so they cant be rules. Number one you broke one of the most important rules...Wave three can never be the shortest wave and look at you first third wave up it is a smaller percentage move than 1 and 5 so your count is wrong.... Now even if it were right when a wave to is a regular sharp abc pattern like a zigzag wave four usually retraces less than wave 2 and is longer in time. There are key fibbonnacci numbers to follow i will send a chart on how it should look so you can get the idea.You can be right about your forcast but if you do not do the proper work you will get burned
Give a few and Ill show you how you could have labeled it and if it did not meet minimum expectation let it go. dont do what I use to for years and over trade and loose lots of money. It took me a few years to finally agree with myself just cause your putting in the work you are not always right but when you are it is a great feeling. Trade for the joy and money will come.
I am sorry went to sleep Ill publish the chart.But remember your not disagreeing with me your disagreeing with R.N Elliott the genius who made this theory. If wave three is less than 100% of wave 1 then wave % will be the shortest. Now if you do everything right and you see a wave three that is the shortest than either wave three is extended or it is a correction.