Day Trading & Forex Forum

Originally Posted by wallstreet1928

OKAY................here we go, analysis for the following week starting 9th March 2009 !!


Analysis on 3 month, 4 hr chart, to get the bigger picture

I believe we may break out of the following trend line and trade sideways like we have been doing in the previous 2 months, from Jan 26th to Feb 19th. I then believe we will go downwards from there as to what Sir William and others predict according to the Elliot Wave Theory to 3000.........

Now if we use the previous break out on my chart below , low 4000 on 26th Feb to double top high of 4330 on 28th Jan & 9th Feb.......that's a total of 330 points and that may be the case again.

Now I believe in order for the break out to be confirmed we will need to take out 20 MA, which coincides with downward sloping trend line on my chart around to 3580.......

so assuming for simplicity sake we use 35000 as the break out we could see 3850 or if we use 3580 as the break out we could see 3900 -3950 as the high using the previous break out of maximum 330 points!!

I hope everybody is still with me here.........

Originally Posted by kitejedi

3956 is the big number. Elliott will prevent us from retracing above this. I think it's a case of buy now but def sell of we break 3900 and prive starts to fall again. As I think I said before my first target is 3660. Assuming we hit that I'm 150 points up - then the Greed / Fear thing will start for me I'm afraid.....

Originally Posted by wallstreet1928

If you don't mind me asking Rob, where and when did you learn Elliot Wave theory?

which book or books should I buy in order to learn it or any good websites?

thank you my friend