dojitrader
Long

Classic ElliottWave 5 Wave Impulse & 3 Wave Correction Potential

FX:EURGBP   Euro Fx/British Pound
205 2 0
Elliott Wave bread and butter. 5 waves up followed by a 3 wave correction.
Perhaps this is what we will find around my target of .8340, which is also good
support from the last 2 days of Nov. and the . 382 retracement .
Given the short and shallow nature of waves 2 and 4 hopefully this will be the case.
BUT, there is always a BUT, what looks like the C wave may just be a c wave of
an a-b-c wave A with a B and C to come.
And, whether this is a B Wave or a 3rd Wave they both point in the same direction - UP.
As always, I'll be looking for the candlesticks to help me with the entry.
Tight stops with an eye to re entry since Wave 2 can retrace all of Wave 1
and still be valid.
Depending on the final bottom of Wave 2 -----
Targets are A = C 1:1 = .8480 area or a Wave 3 @.8575 area.
Caught Wave 1 up, can we catch Wave 3 ?????
dojitrader
3 years ago
"short and shallow" ? Such words seem to have been much too prophetic !!!
(being right is one thing but - missing the trade is another **** )
Had my entry placed @ .8339. I thought for sure this trade would at least, touch the .386 and
it did not even touch the a = c. Maybe, if I drill down on a correction we can find an entry.
But for now, I'm waiting at the station for a train that appears to have already left !!!
I'm starting to think that the "holiday malaise", as I call it has already begun:
To many targets come up short or get blasted past from the norm.
When that starts to happen I think it's time to get VERY picky about the trades you take.
Reply
dojitrader
3 years ago
Price action is nothing like it should be for an impulsive 3rd Wave, so,
snapshot

this new EW count is two possibilities for what is happening.
My first count needs one more little up shot to a slightly new high.
The second counts everything over one notch so to speak,
and make this the start of an a-b-c correction - second wave -
I'm still hoping we still have a shot at the BIG ONE !
(this also helps explains why the first correction was so shallow)
Looks obvious now but, hard to see in the beginning.
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