FX:AUDUSD Australian Dollar/U.S. Dollar
Triangle in formation wave e of 4
Hi ForexTradingRus, did you had a bad day trading to be so "shtY" (to use your word)! I completely disagree with your comments! Take it as my rule of triangle (by the way I am not mentioning Elliott in my graph) I always use the wave A to project the shape of the triangle and determine the wave D as well as the objective of the wave 5 or C following the triangle, and it works quite well. Also the position of the triangle, in wave 4 or B have nothing to do with the "alternation" rules. I would be interested to see a graph with a triangle in wave 2, if you have one available. The work of Elliott is admirable but since a lot of technicians have developed more tools and tricks to apply the concept of wave developed more than 80 years ago, here are few examples that you can not find in Elliott original book: Divergence with RSI in wave 5, first wave (in Forex) often developed in three times only, Triangle formation in wave 4 or B only, fifth wave in wedge where the int.4 can go below the top of the int.1... etc... Also, maybe you can start to write his name properly "Elliott" and not Elliot, Thanks mate and good luck with your trading!