anilmangal
Short

EURCAD MONTHLY ELLIOTT WAVE COUNT

FX:EURCAD   Euro Fx/Canadian Dollar
EURCAD             in a down trend making a C of C wave in a huge corrective structure . I will post the daily and 240m chart showing this down trend C wave.
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sediways or down?
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the wave c of C is retracing internally
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Is it a wedge?
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Wave Theories are complex. It's proven that almost everything in nature moves in waves (light ,sound etc.) and that is why most of us believes the market does too.Ralph Nelson Elliott's work is best anyone has done so far in identifying the waves patterns . But even his work on waves is not finished , it leaves a lot of question unanswered and the most important one is, what is a wave?
We have seen many counts on the same chart and they are all different!! You can with a bit of imagination and a strong belief system see 3 wave 5 waves or even 7 wave in a single move. That has been the biggest obstacle in my path to learning EW. I would have 2 or 3 different counts and all would be wrong! It wasn't until I learned how to identify what is a wave using a single tool that was around for years, that my forecast and counts started to work like magic. Yes i do a lot of forecast and i trade them .
The thing we must understand about corrective waves is we DON'T know how it will develop, motive waves are simple ,12345. Corrective can be any of the basic patterns Elliott has identify or a combination of it .
EURCAD is in a corrective structure and we assume it's making a C wave down but we don't know what form the C wave will take . We can still trade it on lower degrees ,looking for a correction and then catch the next impulse!
+5 Reply
pippo anilmangal
Say to Elliott Wave traders to count waves, and they most probably come out with dirrerent results
+1 Reply
Time will tell.... lets revisit in 2020 lol
Reply
anilmangal PRO jonatsgonats
yes can't agree more!!
+4 Reply
Hi Anil, Thankyou for sharing your analysis. I note that your Wave C are minor abc zigzags rather than 5 wave impulse which I think wave c should be. Not sure if I am missing something. Would interested on your comment.
+2 Reply
Hi Dan ,yes wave C by the theory is a 5 wave but i have found and proven that ,that is not so .First you must know That we (our EW group) have a way of OBJECTIVELY showing "what is a wave" ,In other words I teach you to identify "a wave" on any given degree" it is no longer subjective. We have tested this method against "the best in the business" and have proven that when there is a difference in count our system is spot on!
+4 Reply
DanV MOD anilmangal
Hmmm, OK Not convinced but pleased it works for you. Thanks.
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