Hello Traders! 6A (AUDUSD) - The downtrend is confirmed! As we mentioned earlier, If the price break throw 0.68899 - downward tendency will continue! (EWA/EWP) Main target 0.65956. Sincerely yours, Powerful Traders!
Hi again.
An Elliott wave abc down completed leads to a 5 step impulsive move up of grand proportions.
I'm wondering what events can happen to invite this move in the near future ?
Or are we in for a very long flat bottom reflecting a long recession ?
Cheers
John
POWERFUL_TRADERS
⋅
After completion of the correction, can begin a new phase of correction or classic impulse. We agree, with your idea about the "very long flat bottom reflecting a long recession", it's real variant! But anyway, the market will go in a bullish direction.. ) We believe that Australia is the greate country, whose economy is one of the largest mixed market economies in the world! (by the way, with a GDP of US$1.525 trillion as of 2014) We suppose, they can find a way out on their own and the incredible coincidence of external circumstances, can positively affect on economic growth of Aussie!
Sincerely yours, Powerful Traders.
johnm600
⋅
Thanks for your reply and information,its very helpful.
Cheers
John
johnm600
⋅
Hi there,
Very nice abc down count.
I'm wondering about the C point you have chosen at 0.609 (Max stop downtrend) ?
If 5 = 1 then C is 0.55.
An explanation for your choice will be appreciated.
Cheers
John
POWERFUL_TRADERS
⋅
Hello, Trader John600!
Thank you for your interest! Your question is the most serious and says that you have attentiveness and good knowledge of wave counting!
Frankly, for a long time, we couldn't understand as well the wave's structure of AUDUSD in historical retro perspective, because there were many others alternatives. But, after the deeply analysis, we stopped at the existing version. We think that from a global chart, this layout is possibly correct. Let's take a look at the last zigzag (y) with a combination of (a), (b), (c). You can see that the impulsive subwave (c) in its composition has the longest 1-st wave. At the same time the estimated 3-d wave is shorter than the first, but referring to immutable Elliotte Waves Principle, the third wave can not be the shortest. For this reason we dare to assume that the suggested 5-th wave in near future will be the shortest, and can take the form of EDT. (Ending Diagonal Triangle 3-3-3-3-3). So, "Maximum stop downtrend" - it's the length of previous 3-d wave and control limit for the last 5-th wave. That is all.
johnm600
⋅
I've been thinking about wave 3 being shorter than wave 1 as drawn for a while now and appreciate your reasoning above.
Maybe it's that your waves 1 & 2 of c of y are correct BUT the labeled 3 & 4 are actually 1 & 2 of a longer wave 3 still in progress.
That would lead to a final value around 0.4 aud/usd, where it has gone before.
Cheers
John
POWERFUL_TRADERS
⋅
Hello Trader Johnm600! Wise remark! Maybe you're right...) But we disagree, here your opinion - "BUT the labeled 3 & 4 are actually 1 & 2 of a longer wave 3 still in progress. ". We think, that 3 & 4 is right, but not 1 & 2 within the wave 3 which stil in progress. Because the main proportions between the intermediate waves "a", "b", "c" in current time still in harmony! Wave 3 in "C" can't be in progress. Besides the wave of primary degree (Y) is to much extended. These fears and concerns, forcing us to think in this perspective...)
By the way, we opened the chat room Powerful Traders, you can find us in main chats. There you can see our Trading process in video, also share you works don't complex, lets think and analyze together!
We glad to see you! Highly appreciate you analysis&opinion!
Sicerely yours, Powerful Traders
johnm600
⋅
Thanks for your reasoning and maybe you are right about the proportions of the larger abc. I agree wave 3 must not be the shortest is true, which does limit wave 5 in this case if the abc reasoning holds out.
It's a strange one, which is why we are wondering about it. Cheers John.
POWERFUL_TRADERS
⋅
Yes it is inetersting! We are Traders! ;)
johnm600
⋅
Hello again,
Your count is going quite nicely.
I'm wondering about the count for this 5th wave beginning from your y of 4 @ .732
Wave 1, there are 5 waves down to .583 (bit complicated at the very bottom)
Wave 2 could be an abc up.
Wave a has 5 waves, 1 @.7048, 2 @ .692, 3 @ .713, 4 @ .700 & 5 @ .724 with wave 3 not being the shortest = a
Wave b down is an abc, with b @ .697 made up of (a) @ .706 and (b) @ .712.
Wave C up is still progressing as 5 waves, wave 1 @ .715, wave 2 @ .698, wave 3 @ .718, wave 4 @ .708 with an (abc in it), and possibly wave 5 completed at .708.
I would do a graph but don't know how.
Cheers
John
An Elliott wave abc down completed leads to a 5 step impulsive move up of grand proportions.
I'm wondering what events can happen to invite this move in the near future ?
Or are we in for a very long flat bottom reflecting a long recession ?
Cheers
John