Elliott Wave EUR/USD

Here is an Aussie daily chart. There is a buy signal on the TRIX under the chart, but what is important is that this move down is a Zig-Zag Elliott Wave pattern. The first move down is impulsive the second move up is not and the third move down is impulsive. Now why can't this be a third wave down in a five wave impulse?. I drew a straight green line to help visualize this. The last move up has encroached into the first wave down and in an impulse wave then wave 4 cannot go into wave 1 territory. Therefore this must be a zig-zag and not an impulse wave, so the odds are good that this pair is going above the 1.1000. At the least it should make a sizeable move up from here before making a new low. I already went long at the markets close today after seeing the spinning top on the daily candle with a stop at .9700.

in my humble opinion it really doesnt matter that a move is motive or corrective because it could be different personality and direction in a different time frame.
What really matters is the entry because even in a corrcetive zig-zag you will have a C-wave that moves like a 3rd wave i.e.e strong and fast and it MIGHT get to 100% - 123.8% and 161.8% and even 200% so its just the exits that might be different.
plus i have seen many clean 5-wave moves ending up into nothing (C-wave); and many 3-wave moves moving further in the opposite direction.
I agree that you have a zig-zag down in the AUD, but i disgree that means you WILL have a high above 1.10 in the practical future. This could be a larger frame A-wave followed by a B-wave (which may have already completed) and then we have a larger C-wave down - all without going anywhere near 1.10. No?

I have a very thorough understanding of Elliott Wave myself, but I am trying to simplify things here to be beneficial to people reading this thread. Your complex response is the reason most people shun Elliott Wave Theory. So many people get caught up in labeling every little squiggle in a chart move. It doesn't have to be that complicated to be beneficial. Steep moves are almost always impulsive and sideways moves are almost always corrective. Here is an example for today. I am posting the AUD-USD 1 hour chart. If it goes up above the .9600 area then I will say that this move is impulsive and I will expect a pullback in three waves and at least one more move up in 5 waves................This is not that complicated.............Anyway Aby,,,,,,,,,Thanks for the feedback and here is tonight's chart..............

Here is the AUD_USD daily chart as well. This is showing no guarantee that the AUD is going up above 1.10, but there are some pretty good clues in this chart. The most obvious chart interpretation is that this is an expanded flat and it will go much higher. The second count is that this move down will be in 9 waves down, which is an extended impulse wave. Either way if it goes below .9385 then this wave will probably be an extension down, but if it goes above the .9600, then it probably will go up for a while...............

Here is the Aussie hourly chart at the moment...10/06/2011/9:00 pm EST. This has been a nice run up but it looks like it is almost ready to pull back some. I am staying long because even if this is an ABC corrective wave then it will pull back and then make at least one more run to a new high......If I did not get in on the first leg up, then I would wait for a 3 wave pullback and then get in long because the move up after that pull back should be stronger than the first move up.....Attached is the chart...

Good Trading,
JahDave

Here is the Kiwi Daily chart................The RSI is showing a strong move up, but the TRIX is not showing an up signal yet.........I bought the Kiwi yesterday and am planning to hold it long for a a week or so.........If the TRIX turns up in the next 2 days then this should be a good move up...............

If this moves above above the .7964 then it will go much higher...............

Here is a longer term hour chart of the Aussie...............The Aussie is in an ending diagonal.................This means that it will make a nominal high and then it will make a new low......................After that it will make a new high..................