EUR/USD - Elliott wave count — Euro Fx/U.S. Dollar (FX:EURUSD) / 2014-11-22 — pinTEK

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

FX:EURUSD Euro Fx/U.S. Dollar

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.

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.

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.

DanV

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.

pinTEK

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.

DanV

hi Dan V .. http://prntscr.com/59436t worth eyeing

mkdeep04

Hmmm, not sure id that the same price chart. Don't see that what looks like a spike high in to 1.27.

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...

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

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