chessnut
Short

EURUSD EW analysys, WXY wave IV a convincing and valid count.

FX:EURUSD   Euro/U.S. Dollar
940 11 17
EURUSD             has had a big rally from lows. Beginning with an abc it was corrective from the start, implying wave IV and an unresolved wave V. a clear termination of a 3-3-5 correction failed to produce a five wave structure, instead producing the X of what is so far a complex double zigzag . Set to top characteristically in the larger wave iv decline this thrust from a terminal triangle wave b should produce a quality short opportunity no matter what the larger count. However, this larger count supports holding a short to near parity before bottoming.
Nice analysis! The triple is also possible. Price could go as high as 1.185 (where major wave nr 1 sits) before resuming downwards
snapshot
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chessnut HamzaLeith
I agree, it seems like its threatening a fairly high level now. The penultimate triangle is either resolved or has produced a primary wave, in that case wave iii is set to pounce on mon/tue towards that level 1.16-18
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HamzaLeith chessnut
Yes and I won't be surprised if a false break out of the channel takes place before wave V initiation (after all that would yield most profit for big money :P)
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Hi Chessnut,
I am a newbie for Elliot Wave. Had been Trading for Past 3yrs Live , with no good Results.
This Theory Looks good and ur Chart is well marked. Could you guide me,where I can start
Learning Basics of this Elliot Wave Concept in simple Language. Thx.
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chessnut sudersanrao
Hi there,
http://www.elliottwave.com/
This website can help you in every way, I have bought the Wave Principle book from here and it is a completely comprehensive book. It took me 5 years to get where I am now. I found that the biggest part of making money using EW is still mostly strategy and trading skill, but learning the character of waves is valuable and can only come with experience.
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sudersanrao chessnut
Hi Chessnut, Thanks . I understand. Not easy to Learn. It takes lot of Time.
It is Like doing Post Graduation. Any how, I subscribed to ur thread or what you call it.
I will Follow your Guidance. UR charts are very Clean.Do you update,when actually the Trade about to start? Thx - Rao.
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chessnut sudersanrao
I publish analysis only, not trades, but if I publish a good short term count it probably means Im about to trade it or I will outline my strategy in the description.
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1.200 would be reached
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chessnut SKACAPITAL
why do you think so?
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Thanks Chessnut, appreciated. Your EW counts and analysis help newbies (well certainly me!) a lot (I focus purely on EW currently). Thanks to some of your postings I've been able to rectify errors in my counts and actually make some money for a change:).
+1 Reply
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