XAUUSD-long term view according to EW

FX:XAUUSD   Gold Spot / U.S. Dollar
668 13 11
Although im not strictly an elliotician i sometimes look at my counts to understand the general market structures and possible directions of the price.
I will publish my long term counts this days.
Feel free to agree or disagree, it would be better if you send a chart of other alternatives.
Best regards
Hello I have a doubt, in the minor wave the 4 is up to 1, but the rules of elliot wave says that the 4 should be above 1. is it correct or just apply for the big wave?
FullTimeTrader alan.perego
hello, last wave is an ENDING DIAGONAL, there are special rules for that pattern, check this article....
+1 Reply
alan.perego FullTimeTrader
Thank you
Very good EW numbering, I always had problems with the A-B identification (thinking in 3+3 minor waves), since my mind was on an A-B-C type of overall correction. Yes the 5 first waves cover well the wave I, leading to an easy numbering of the rest. It is strange, but this correction deviates from the expected 3 towards the 5 EW structure. Good job. This compliment comes from a very experienced Elliott Wave trader, with a tendency to experiment on different numbering avenues. I believe EW is an open system, subject to many ways of interpretation, as long as one arrives at a viable target.
I agree, EW must be a tool to help, not to complicate our trading. Regards.
IvanLabrie PRO FullTimeTrader
I believe the best setups are when they can lead to a wave C or 3...since both should work regardless of the real count.
It can get really tricky, to label things correctly and most people do it wrong all the time (myself included).
FullTimeTrader IvanLabrie
Sure, i prefer to catch the long waves (the beginning of waves 3 and c) and counter trend - the end of wave 5 and wave C. I dont switch to very lower TF because there are many possibilities there.
IvanLabrie PRO FullTimeTrader
I find lower tf key in analyzing EW, but you can get away with it if just trading C/3's.
Trying to pick the end of a 5 or C will be harder like that.
I use time at mode to figure these things out though, EW is too tricky on its own. Too prone to subjective analysis.
FullTimeTrader IvanLabrie
Its the process of testing wich make us better traders. I tested catch the end of wave 5 and works good for me, agree its hard but offers a good R/R ratio if the trades fails, if i am right its very powerfull. For example, last long trades USDCHF and USDSGD (end of wave C) are counter trades and so far with profits.
+1 Reply
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