forexbullbear
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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.
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.
