I don't often publish Elliott Wave since the counts rarely provide a reliable signal, which for me has always been "after" a pattern completes. I have had a lot of success with terminal patterns in stocks and in various markets, but rarely do I see clear "impulsive moves" to catch a big trends using EW.
What I have done here is to use my RgMov indicator, which really captures the psychological state of the market each day based on the movement up and down in the market and then keeps a running tally of that psychology. The EW patterns in RgMov are MUCH CLEANER than they are in price. Why that is I can't explain other than to say I found this in 1990 and I've looked at from time to time. I developed TIME@MODE because it gives far more signals for me to trade. EW provides very few trades from the way that I look at it.
If you are NOT an EW follower, then do some research and read up on the 5-wave pattern and how it typically "changes people's mind" about the trend. After a 5-wave move, people typically understand the move after being dubious about it when it starts. A-B-C is usually just a pause after a trend. Robert Prechter has written some excellent articles on psychology and Elliott Wave to add to R.N. Elliott's original work. I studied Elliott Wave under Glenn Neely who wrote a masterpiece called "Mastering Elliott Wave". Glenn follows the logical rules of EW and has had to create new patterns to explain market action so that it can still follow the rules of logic. Many people use EW yet it is easy to come to different conclusions with it, which is another reason I developed my "Time At Mode" methodology since it is cleaner, simpler, and easier.
Either way, this pattern is so clear that I just had to share it with you and hope you like it. The entire decline from May 2014 to March 2015 lasted 221 bars or 311 calendar days. There is very nice alternation between waves (2) and (4) based on time and complexity while the price range is similar. Wave (1) is just shy of 38% of wave (3) and wave (5) is 62% of wave (3). The (2)-(4) trendline and no part of either wave (3) or wave (5) drift across the (2)-(4). Both wave (1) and wave (5) subdivide into nice impulsive moves with alternation in time, price or complexity between waves 2 and 4.
The action since the low is indicative of a correction of the downtrend and it may last to 61.8% of the time of the decline, which is how September 14, 2015 comes into the equation. It could last longer, and a lot longer too, but this is a minimum amount of time for a correction of the decline, which means a small rally in double-speak.
Risk = 1.1000 on EURUSD. If EURUSD goes under 1.10, then this count is wrong. If it stays over 1.10 then I'm just looking for upside action until mid September. Maybe 1.20 upside potential.
I'm happy to answer questions:
Tim 10:30PM EST Sunday, July 12, 2015
What I have done here is to use my RgMov indicator, which really captures the psychological state of the market each day based on the movement up and down in the market and then keeps a running tally of that psychology. The EW patterns in RgMov are MUCH CLEANER than they are in price. Why that is I can't explain other than to say I found this in 1990 and I've looked at from time to time. I developed TIME@MODE because it gives far more signals for me to trade. EW provides very few trades from the way that I look at it.
If you are NOT an EW follower, then do some research and read up on the 5-wave pattern and how it typically "changes people's mind" about the trend. After a 5-wave move, people typically understand the move after being dubious about it when it starts. A-B-C is usually just a pause after a trend. Robert Prechter has written some excellent articles on psychology and Elliott Wave to add to R.N. Elliott's original work. I studied Elliott Wave under Glenn Neely who wrote a masterpiece called "Mastering Elliott Wave". Glenn follows the logical rules of EW and has had to create new patterns to explain market action so that it can still follow the rules of logic. Many people use EW yet it is easy to come to different conclusions with it, which is another reason I developed my "Time At Mode" methodology since it is cleaner, simpler, and easier.
Either way, this pattern is so clear that I just had to share it with you and hope you like it. The entire decline from May 2014 to March 2015 lasted 221 bars or 311 calendar days. There is very nice alternation between waves (2) and (4) based on time and complexity while the price range is similar. Wave (1) is just shy of 38% of wave (3) and wave (5) is 62% of wave (3). The (2)-(4) trendline and no part of either wave (3) or wave (5) drift across the (2)-(4). Both wave (1) and wave (5) subdivide into nice impulsive moves with alternation in time, price or complexity between waves 2 and 4.
The action since the low is indicative of a correction of the downtrend and it may last to 61.8% of the time of the decline, which is how September 14, 2015 comes into the equation. It could last longer, and a lot longer too, but this is a minimum amount of time for a correction of the decline, which means a small rally in double-speak.
Risk = 1.1000 on EURUSD. If EURUSD goes under 1.10, then this count is wrong. If it stays over 1.10 then I'm just looking for upside action until mid September. Maybe 1.20 upside potential.
I'm happy to answer questions:
Tim 10:30PM EST Sunday, July 12, 2015
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