EurUsd - Long (EW) - Read Description

FX:EURUSD   Euro / U.S. Dollar
1019 11 29
When people don't understand about something, they ridicule it instead of putting efforts to research & learn about it. But I m trying to learn what I don't understand much. I m not EW expert, just started to learn about it recently. My friend who is elliot wave practitioner showed me how he can map out market moves ahead of time (not 100% accurately but still he generate market direction most accurately most of the time). I m impressed & I m trying to learn it myself. According to him markets are not random, it has measured moves, what measure it will oblige is something that is entirely up to market. This is my views on EU, If you are ellliotician, then chip in & drop you feedback / comments / views on how you view it. It might help me to learn the skill faster.
Key in this analysis is level 1.1070 which is high of point 1. For EW to be right theoretically, then wave 4 should not enter the territory of wave 1.


P.S. - Dont follow this idea if it doesn't match with your own idea on EU. I m still a newbie in EW count & can be wrong in this case.
hello fxsaint
i think it must be this shape:

+1 Reply
FxSaint 4x-boy
Hi, Thank you for alternate view. I went with simple structure while calculating waves in daily chart. You have drawn contracting triangle but it can very well end up being expanding triangle, even if we consider this to be higher degree 4th wave correction. But thanks for participating, I will keep this situation drawn in my chart as well.
+1 Reply
4x-boy FxSaint
{but it can very well end up being expanding triangle} : so beautifull
but we have to remember that an impulse wave cant be a wave of any triangle types
so we can guess the (iv) of C of (C) is not complete yet (for expanding Type )
tnx a lot for your attention :)
+1 Reply
I largely agree with your wave counts. I think the issue here is whether wave 2 was a flat with a slightly-longer-than-usual wave C that transitioned into a leading diagonal for the start of wave 3, or whether wave 2 completes just before the point you've marked ii, which would make it an expanded triangle with a complex wave (e) taking the form of another triangle. I agree that the current direction is up, but would caution that given wave 2's complexity in time and structure, it is possible that we could see an equally complex wave 4. Furthermore, the recent correction down does not look like a zigzag. If it shapes up to be a flat, price should bounce at the 1.14 resistance level down to 1.10-1.11 where we are now, before finally resuming up. TL;DR: direction up, might go down again before going up to point 3 on chart.
+1 Reply
FxSaint BrianSoh
First of all, thank you for your feedback Brian, much appreciated. I will look deeply what you have said & try to go back to chart & figure out how it works.
I'd reccomend checking out neowave, for more advanced Elliott Wave analysis. It factors in a lot more rules, that eliminate alternate counts.
For instance, your wave 2 takes too long for it to be a 2, so it would be a B wave of some kind.
Even then, there's probably too much complexity to determine the specifics of this segment of price action accurately.
You have had great results so far, so keep up the great work :p
+1 Reply
FxSaint IvanLabrie
Thank you Ivan for your thumbs up & comment. Since you have talked about Neowave too many times before, I actually bought the book already but unfortunately I m not getting enough peaceful time to read it. So, its resting in my shelf where most of quality gems are already lied to rest :)
FxSaint IvanLabrie
But will give it a read once for sure, but dont know when. Probably when I will go PRO (full time) trading I will have enough time to start the reading. I have set 2017 end or 2018 beginning to go full time in this. Lets see how it goes, with help of TV members like you, I hope it will be easier & faster than I imagine it to be.
Good luck with the transition!
The book is a heavy read for sure, but worth it if you're interested in Elliott.
It sure did change my perspective on it. (I don't base trading decisions on EW but highly respect Glenn Neely's work).
+1 Reply
FxSaint IvanLabrie
First & foremost thing my friend said to me was, EW is very complex because its very subjective. No two ellioticians view same chart in same perspective. I too dont trade with EW concept as of yet, but it sure does fascinate me. Thanks for the recommendation on book & good wishes.
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