FX:EURAUD   Euro / Australian Dollar
47 7
Fifth subwave on the third wave. Expect price to touch 1.5140 soon.
As expected, the price plummeted down to 1.5090 (That's a whooping +50 pips on the actual target level) and has begun the fourth wave rally.
Hope you booked profits.

The tradingview site did not let me plot anything 1.5150.. I had to struggle to mark the end of third wave. That is why the fourth wave looks like it is overlapping with the end of first wave :) .. The idea was not to focus on the fourth wave yet. The priority was to look at the next target, 1.5140. Hope I answered your question. Cheers.
PranavShandilya PranavShandilya
Let me plot anything below* 1.5150
dojitrader PranavShandilya
I was asking about the first blue wave count where price of wave 2 hits a low of 1.5320 or so
and wave 4 goes up through that low to hit a high of 1.5360 area.
When I was learning wave theory, I was told that these rules are not "rules".. The wave counts are just guidelines which depict human behavior. We can notice the 5 waves(blue) clearly on the chart before the beginning of the second major wave. So its fine. And if you noticed, the wave 1(blue) isn't exactly a wave. It has reacted to a news event. So considering all this into factor, I don't think we should be worrying about the minor waves.
dojitrader PranavShandilya
R.N.Elliott did have 3 huge rules for waves. The reasons are that they allow
you to determine whether you are in impulsive or corrective price action.
This is important to know the depth and breath and trend the move might make.
Thus you can increase profits and lower risk of entry at the correct place.
Sometimes, of course, a primary and alternate analysis can lead to
the same direction. Anyway, Huge rule #1 is that wave 2 cannot retrace more
that 100% of wave 1 ---- #2 Wave 4 can not enter the price range of wave 1 (that's a
big one because it immediately tells you if you're dealing with corrective or
impulsive price action. #3 Wave 3 can not be the shortest wave in an impulsive
move(which means it is no longer impulsive but corrective)These 3 rules tell
you whether you are dealing with a trending move or counter trend correction or
even a trend change.
If you're interested: http://www.elliottwave.com/
These folks have been the leaders for somewhere around 40 years now.
And have a lot of free stuff when you sign up for the myEWI club. Especially
the 10 lesson EW tutorial. They have the track record that proves they know
what they are doing.
Best wishes in your trading !!!!!!!!!!!
Just curious .. . . Is your use of EW a proprietary creation ?
I ask because a Major Rule of EW is that wave 4 can never
enter the price range of wave 1 to be impulsive. Or, is your
count all within an a-b-c corrective wave count ?
Thanks for your thoughts !!!!
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