This is a discussion on EURUSD Elliott Wave Updates within the Forex forums, part of the Markets category; Hi, I'm using an Elliott Wave as the main tool to help me trade. I use it together with EMA, ...

 Dec 10, 2008, 4:29am #1 Joined Nov 2008 EURUSD Elliott Wave Updates Hi, I'm using an Elliott Wave as the main tool to help me trade. I use it together with EMA, RSI, MACD, Fibonacci and Trend line. It works very well for me, so I would like to share my wave count view here. I'll update the chart on any possible trend daily or as often as I have available time. If anyone here have anything to share, please don't hesitate to do so. I would love to see other people views too. Let's first see the big picture on the chart. If we count the wave right in the bigger picture, This should currently be a fourth wave(yellow). And we expecting a Triangle correction here, so there will have A,B,C,D and E wave. The E wave may already done, or can be another up move to complete E wave. Once E wave done, we can expect to see another down move to the fifth wave(yellow). Click to see 240 minutes chart To understand thing clearer, let's have a look at the big picture for an example. In this weekly chart: Click to see weekly chart you'll see that the fourth wave (both iv pink) was forming with complicated correction. This is normal for corrective pattern. There are only 4 main categories of corrective wave. Corrective wave has four categories: 1. Zigzags 2. Flats 3. Triangles 4. Double & Triple Threes. And the rule of alternation is fourth wave will be vary from second wave. This mean, if the second wave is simple correction, the fourth wave will be complicated, and vice versa. (see wave ii(pink) and iv(pink) for an example) And in our case, there are currently two cases of possibility in big picture. 1. The current down trend is forming 1,2,3,4 and 5 wave (yellow), we weight our wave count on this pattern. We just don't know exactly what would be the end of wave 4. As you can see wave 2?(yellow) is simple correction, so we can expect to see a complicated correction here if it's really a wave 4?(yellow) 2. The current down trend is forming A,B,C (green) pattern. This can also be the ABC correction, it may or may not completed the formation. So we'll have to plan for this move if EURUSD move higher. __________________ ForexBullBear.com -:- Free Daily Chart Updates on major forex pairs! http://www.forexbullbear.com/Forum/ Make Profits either Bull or Bear!
 Dec 11, 2008, 4:36am #2 Joined Nov 2008 Yesterday's short term move was still moving up. However the big picture view is still in Triangle correction as long as the price does not move above the pink line(C yellow). The current move in 240 minutes chart is also moving in Triangle and RSI is making a divergence, we may see some price drop soon. However, at this point as the price is very close to the C(yellow) wave, we will have to think of another possibility of wave pattern, especially when the price do move above the pink line(C yellow). If the price do move above the pink line, the whole pattern will change. We can think of the possibility that C(yellow) may not yet done and it will move higher again once it made some correction. Click to see another possible wave pattern... __________________ ForexBullBear.com -:- Free Daily Chart Updates on major forex pairs! http://www.forexbullbear.com/Forum/ Make Profits either Bull or Bear!
 Dec 11, 2008, 3:00pm #3 Joined Nov 2008 The wave pattern is changing now. This seem to be a bullish Extension in Wave3 heading to C(yellow) wave as it goes up without any correction. We can expect to see it move much higher than A(yellow) wave. __________________ ForexBullBear.com -:- Free Daily Chart Updates on major forex pairs! http://www.forexbullbear.com/Forum/ Make Profits either Bull or Bear!
 Dec 11, 2008, 3:25pm #4 Joined Nov 2008 How far the current up trend will be going is depend on the wave pattern in daily chart. From the latest high down to the latest low, we can currently see it in two cases. 1.The daily down move is 1,2,3 yellow and the current up move will only move to wave 4 yellow. If this is the case we can expect the price to move to about Fibonacci 38.2%, and not move higher than wave 1 yellow (pink line). 2.The daily down move is A,B,C blue and the current up move will make another big A,B,C up. If this is the case we can expect the price to move higher than Fibonacci 38.2% and higher than wave 1 yellow (pink line) __________________ ForexBullBear.com -:- Free Daily Chart Updates on major forex pairs! http://www.forexbullbear.com/Forum/ Make Profits either Bull or Bear!
 Dec 12, 2008, 3:21am #5 Joined Nov 2008 EURUSD still making a bullish Extension Wave. The price is above EMA50(light blue) and EMA200(white) in 60 minutes chart, we can expect to see the price to move up higher. Currently, it may already done or nearly complete wave iii(pink) and RSI is quite overbought, we can expect to see some correction to wave iv(pink) and then up again to complete wave v(pink) and also complete wave 3(green). __________________ ForexBullBear.com -:- Free Daily Chart Updates on major forex pairs! http://www.forexbullbear.com/Forum/ Make Profits either Bull or Bear!
 Dec 12, 2008, 4:32pm #6 Joined Nov 2008 Look like wave iii(pink is done) and we are in wave iv(pink). This correction might be a Flat Correction? __________________ ForexBullBear.com -:- Free Daily Chart Updates on major forex pairs! http://www.forexbullbear.com/Forum/ Make Profits either Bull or Bear!
 Dec 15, 2008, 4:22am #7 Joined Nov 2008 The current move seem that EURUSD may already done the fourth wave correction and heading to the fifth wave. __________________ ForexBullBear.com -:- Free Daily Chart Updates on major forex pairs! http://www.forexbullbear.com/Forum/ Make Profits either Bull or Bear!
 Dec 16, 2008, 4:08am #8 Joined Nov 2008 Hi, Looking into 60 minutes chart. We're still in the bullish extension wave. We'll have to keep watching the EMA5(light red), EMA10(light orange) and EMA50 (light blue), if the price can stay up above EMA50 we can expect for more up move. Currently, there seem to nearly done the third wave (3? orange bracket in chart and 3 circle in pattern), so there may be some correction soon. __________________ ForexBullBear.com -:- Free Daily Chart Updates on major forex pairs! http://www.forexbullbear.com/Forum/ Make Profits either Bull or Bear!
 Dec 16, 2008, 1:33pm #9 Joined Nov 2008 12:18 PM GMT time, It turned out that we're on the right track as the last move was completed in Ending Diagonal (3-3-3-3-3) wave. We have to look into 15 minutes chart for all the 5?(light blue) wave. Look back in 60 minutes chart, the first support of the correction is EMA50(light blue) and then Fibonacci 38.2% Ending Diagonal: -occurs primarily in the fifth wave, when the prior move has gone "too far too fast" - In all cases, they are found at the termination points of larger patterns, indicating exhaustion of the larger movement. -take a wedge shape within two converging lines, with each subwave, including waves 1, 3 and 5, subdividing into a "three, 3-3-3-3-3" __________________ ForexBullBear.com -:- Free Daily Chart Updates on major forex pairs! http://www.forexbullbear.com/Forum/ Make Profits either Bull or Bear!
 Dec 17, 2008, 5:44am #10 Joined Nov 2008 Hi everyone, Yesterday correction was very small and it extend more extension. As we're still in the Bullish Extension, you may see that EMA5 EMA10 and EMA50 is still in up trend. Yesterday, the price only drop to the EMA50 line in 30 minutes chart and turn up. You can use EMA5 EMA10 EMA50 and EMA200 in a shorter time frame to see if the short term is still up. To my experience, those EMA is the great tools to look for a strong trend. __________________ ForexBullBear.com -:- Free Daily Chart Updates on major forex pairs! http://www.forexbullbear.com/Forum/ Make Profits either Bull or Bear!
 Dec 18, 2008, 5:23pm #11 Joined Nov 2008 The Bullish Extension of EURUSD might be over now as it has a big 5waves pull back. You can dig deeper into the shorter timeframe to see the 5waves down, 15 minutes chart is the good place to start seeing the minor wave. Also EMA5 EMA10 is now below EMA50 in 15 and 30 minutes chart. If the price can't go back over it, we can expect EURUSD to move lower. __________________ ForexBullBear.com -:- Free Daily Chart Updates on major forex pairs! http://www.forexbullbear.com/Forum/ Make Profits either Bull or Bear!
 Apr 20, 2012, 5:20am #12 Joined Apr 2012 Re: EURUSD Elliott Wave Updates EURUSD currently in the daily uptrend EW wave 2, complex triangle corrective wave. It need to complete the 5 waves (a, b, c, d & e) before proceed to wave 3. Last week just completed wave c, now triangle corrective wave going to form the wave d.
 Apr 20, 2012, 5:48pm #13 Joined Apr 2012 Re: EURUSD Elliott Wave Updates Just share my study of the EURUSD in Elliot wave daily chart,, eurusd now is progressing uptrend. Estimate target will meet around 1.3291 to complete it complex triangle corrective wave d. After target reach, it will one more time downtrend to around 1.3003 (wave e) before proceed to EW uptrend wave 3 which is the big profit move in this currency.