I will cut/paste a technical note and commentary just posted on the recent $EURUSD chart. In this present chart, an alternative count is illustrated, and the source of the information will come in the thread discussion - Let me know what you think, and feel free to comment if you are at all familiar with the T.S. Hennessy "New EW Wave Count" methodology.
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$EURUSD caught in an island-bottom? Starting to look like it per waves:
via @tradingview | $EUR $USD #forex #ECB
If you are wondering what ever happened to the lowest 4C wave that the dashed arrows were anticipating, I can now say with some confidence that it was represented at the next timeframe down, which in this chart is represent by the arrow following the lowest "b".
In essence, it appears that at this point, the wave counts have been reduced to their smallest degree in this chart, with price having been pushed down via a runaway gap. However, with the current anticipation of a reversal, it also appears to be more and more evident that the current situation under development is that of an island bottom.
Events that would negate this possibility would be a significant impulse continuing to the downside, but as you may have observed, every bearish attempts have been met with a same but opposite force, which has resulted in this clustered activity with a single definable bottom and a distinctive top plateau.
I suspect that if the bullish scenario were to unfold, a major thrust would overcome the current bullish interdiction, in a way that might complete the shaping of an island bottom.
Here too, time will tell.
I have just finished writing an explanation of the methodology I use in my trading. Sort of a game theory application in which I define the application of Fibonacci projections for risk management to my trading. Very simple and approachable.
Here is the link:
Hope this shed more light on how I do things - Caveat here is that what I am revealing leaves out details of the predictive/forecasting mode. However, you will see how irrelevant it becomes once you concentrate on the geometric information revealed to your mind's eyes, using the Hennessy system as an overlay.
Hope you enjoy it. Feel free to contact me with any question, or share if you find the information valuable - Credit given to the author is courteous and always appreciated.
EXAMPLE OF DAVID ALCINDOR'S HYBRID USE OF BASIC GEOMETRY, HENNESSY COUNT AND FIBONACCI LEVELS:
Let me know if I need to clarify. Feel free to pass along if you like it. Here too, credit to author is the cool thing to do - Much appreciated.
First, have you been able to use the link and open the PDF format? Just in case, here is the link to it: http://www.sponser.co.il/ForumFiles/0f42bf05-bbb1-4570-9d5e-b9f28e87d412.pdf.
Basically, the new wave count takes out ALL the nuances and exceptions that are the tedious features of Elliott Wave theories, and pretty much comes up with a very simplified form of the count. It requires to count only to 1-2-3-A-B-4C over and over, down to the tip, and this will simply reduce the analysis to the smallest available degree relevant to the definition of a swing point, which is what EW was originally set out to do, but I find this new, alternate technique quite simple, even though it leads to the same results.
Very fond of it, although I do use EW first, and then Mr. Hennessy's methodology.
However, I can tell you that I did not see any thread of correlating information between the Fib-based trendline system he sells, and his original new wave count. In fact, I was rather underwhelmed by the software, as demonstrated. You be the judge.
I mention all this, so that you do not fall on that slippery slope of purchasing another "truth revealing' software once again, without some sort of warning. In addition, if you are familiar with the original work of Elliott Wave theory, all this information should really be interesting up to the reading of Mr. T.S. Hennessy's book. Any more than that, and you are on some other commercial adventure - I shared that book because it's free, complete and interesting.