pinTEK
Short

EUR/USD - Elliott wave count

FX:EURUSD   Euro Fx/U.S. Dollar
In the last few weeks EURUSD             has been undergoing a complex triple zig-zag correction for wave 4 on the larger degree.
Looking for a 5 wave sequence up to complete the Triple Wave C early next week. Then the larger move down can begin.

Current position - moved from short to long late day Friday, in anticipation for wave C. Once completed, will move back short.
Hi Thanks for sharing your chart. I see you have been very detailed in your minor wave counts and suggest that this is part of larger wave 4. I think we might have completed the 5 wave cycle or are very close to with this current drop. If we have already completed the cycle with low in place then we might have a potential leading diagonal as wave 1 and this could be wave c of 2. Just wondering if you would consider that as possibility. Here is what I mean.
snapshot
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Hey DanV,
I don't see any way (without breaking Elliott rules) to get to an already completed wave 5. Can you give me your sub count from major wave 4 to wave 5? Would love to see your perspective.

Thanks
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Sure. Here is 4h chart with the details. If wrong then we could have new low but close to bottoming.
snapshot
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So I see a few rules broken here.
3, abc, 4, (i), (ii) are all correct.
From (ii) to (iii), how you have labeled is incorrect. you need a 5 wave structure to get to (iii), on this chart you have only 2 waves.
Also looking at your labeling after your Wave5 (going up) Wave 3 can never enter the territory of wave 1. Yours is breaking this key rule.
So I would have to say that this wave count is not correct when following the rules of Elliott.
Hope that makes sense.

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I follow what you mean. wave iii does in fact have 5 waves but you would need to drop down to lower time frame to see it. Regarding the rising wedge, I think you will find that wave 4 overlapping wave 1 is permitted in leading diagonal in this case or ending diagonal too. Otherwise your comments are correct about over lapping.
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hi Dan V .. http://prntscr.com/59436t worth eyeing
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DanV MOD mkdeep04
Hmmm, not sure id that the same price chart. Don't see that what looks like a spike high in to 1.27.
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Seems like a viable scenario.
Do you use Neely's methodology?
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DanV MOD IvanLabrie
Ivan Hi. Not sure you are asking me or the or PinTek. I think there are some value, but I personally found it very hard going in Neely's book. So I don't specifically. May be sometime I will re-attempt a read. Perhaps PinTek could chime in here and offer his comment.
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I was referring to pintek.
I've been getting coaching from Tim West and he uses that method. Haven't tackled it myself though.
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DanV MOD IvanLabrie
Ahh, OK.
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pinTEK PRO IvanLabrie
No I am not familiar with Neely's methodology, but will look more into it. :)
Any good books on Neely that you can recommend?

Also, is there anything with this chart that Neely's methodology shows differently?
Thanks
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I'm in no position top answer. Tim had a chat room here, covering EW. pay him a visit...
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Minor correction to my chart. My dark blue minor 3 and 4 are miss labeled. That would be the 3 - 4 of that 3 - 4. Which means the (dark blue) minor 3 and 4 would move over a wave and would be considered a failure of that sequence. All other labeling would remain the same.
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OK, fair enough. Thanks
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