WallStScalper
Long

3 Drive to a bottom - A Wolfwave & 5 waves down

FX:EURUSD   Euro / U.S. Dollar
NO longer a valid pattern!!!!

It all comes together.
I see a 3 drive to a bottom lining up for nice Wolfe wave run and a 5th Elliott wave down ending a little tiny bit lower into the middle of the trend channel.

I'm bullish the cross.

Safe trading ladies and gents!

@BLawrenceM
I tried the same thing, got stopped by a huge extended 5th...
+1 Reply
Yeah that's really the challenge one have with EW... One always have to be ready to adapt ...and move on.
I have over the last couple of month used the RSI or the Awesome Indicator with good results in looking for divergens. 4th waves almost always come back to the zero line and even a little above before final move down creating the divergens.
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IvanLabrie PRO WallStScalper
Yep, the AO is very good...I moved from EW to time at mode though.
+1 Reply
AND! at the same time - only a bankster could have foreseen Mr. Dragons ECB-QE-program...which helped the Euro losing value to the dollar and extenting the 5th wave down
+1 Reply
IvanLabrie PRO WallStScalper
That too...heh, I even thought it would be the ideal too bad news scenario for a reversal heh. No big deal, lose 1-3% and move on.
+1 Reply
Yes fully agree :)
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A close up look at the EURUSD. It looks like the bottoming process is ongoing. We should see a quick turn soon to catch traders unprepared
snapshot
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unfortunatelly, vawe 5 is not yet finished. Waiting expansion abB 2.0 (1.208) : very long term resistance log scale
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I agree that it can move a little lower - I do also state that in my writing under the chart so that the 3 drive to a bottom comes harmonic. But thx for Ur comment do U have chart - so I can see - what U see? Thx in advance
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I'm 0-4 on Wolfe Waves. Everything was textbook and pattern failed, 4 times. So i though the thought out of my head. Will see how it works here.
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