FX:GBPCAD   British Pound / Canadian Dollar
104 9 0
Look to be taking Long position in GCAD for a while :) Good Luck!

On your last 5th leg, you made it to short. Its actually an extended 5th leg based leg 3. Leg 4 was the next correction down towards leg 2. However the 5 is still correct setting you up for your ABC pattern. Do keep in mind that the correction after the 5th leg doesn't just correct leg 5, but all legs in the 5 leg wave.

Here is how the elliot is Calculated.

Wave 2 can travel up to 100% of wave 1 and no more. So wave 2 is true. Wave 3 retracement level you will for third wave to tend to move a distance of 161.8% of wave 1. If it goes just a few points past, look for extended wave. Which we got at 200%! Elliot says usually 1 of the wave is extended. If its under 168.8% its considered normal on leg 3. After a normal leg 3 is complete, a normal leg 4 corrects the third wave by 38.2% which it did or 50%. On an extended leg 3 it is common for it to correct to 23.6%. Now without boring you with the formula that helps formulate the top of leg 5 there is a simple rule. If leg 3 has extended, leg 5 will usually equal same distance in the extension from leg 1 to leg 3. As you can see, we also have 200% which completes are 5th wave.

Now for your ABC waves. It looks like we are still correcting for our 5th leg and not for legs 1-4. Im pretty sure we will be heading lower before resuming another 5 wave sequence.

RKchartest PRO RKchartest
If you want to learn this yourself. there is a great book at wavetimes dot com should be easy to find
Look at my yellow wave count.. it is the same as your count. I have multiple waves going..
stocktrader15 PRO stocktrader15
Been studying EW for a long time now TY
RKchartest PRO stocktrader15
Cool man, just pointing out your wave 3 and 4 were a little high. Didn't give room for 5 to equal leg 3. But like I said you nailed leg 5 top :)
Im only opening the discussion so we may all have input on elliot wave. Its such a tricky count at times. Your welcome to assist in any of my elliot wave theory as well when I post them. Helps us develop as traders.

I want add any future input on your charts if you prefer. It just helps me study the theory as well.
no its fine.. i dont mind u posting.. just saying ive been at this for a pretty long time successfully and EW can be subjective.. that is the problem with it after all. I will check out the book, im always down to learn new things, here new opinions but I am very slow to change since the results I get are pretty amazing :D
1-5 wave r equal often.
stocktrader15 PRO stocktrader15
3 and 5 are rarely equal.
stocktrader15 PRO stocktrader15
I used Fib ratios to make my EW and AO cycles.. Wave 3 is an extended wave 3 here.
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