AUDUSD Triangle formation

FX:AUDUSD   Australian Dollar/U.S. Dollar
701 23 5
Triangle in formation wave e of 4
ForexTradingRus ForexTradingRus
classic Elliot Analytics not include rule about 4 or B for triangles. Its only has recommendations about alternation. If retracement 2 was deep then retracement 4 will be superficial
ForexTradingRus ForexTradingRus
or if 2 was simple ABC then 4 will be a triangle
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!
+1 Reply
short??? :)
Razvan holywooodfx
looking at the fundamentals on Aussie, looks like short...if the signals will be bad, they might cut the interest rate again...and they are also heading to the end of the mining boom, as their governor said.
Agree with Owltrader!!!
This (e) wave (if it is) will be made in three times... where do you think the first wave will find support? 1.0220 / 1.0090 or 0.9960
Razvan owltrader
I belive that 1.02, 1.022 could hold for a moment the price.
Thanks Mohora! Yes it looks that this area can be a strong short term support... I had a dream last night that the AUD will drop below expectation!
The move of my dream!!! 
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