"EUR/USD - Elliott wave count" by trader pinTEK — published November 22, 2014

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Euro / U.S. Dollar (FX:EURUSD)

FX:EURUSD Euro / U.S. Dollar

USD (US Dollar) eur_usd

usd-us-dollar eur_usd

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.

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.

pinTEK

OK, fair enough. Thanks

Seems like a viable scenario.
Do you use Neely's methodology?

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.

DanV

I was referring to pintek.
I've been getting coaching from Tim West and he uses that method. Haven't tackled it myself though.

IvanLabrie

Ahh, OK.

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

pinTEK

I'm in no position top answer. Tim had a chat room here, covering EW. pay him a visit...

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

pinTEK

Sure. Here is 4h chart with the details. If wrong then we could have new low but close to bottoming.