EUR.GBP

[arco]

Action printing within the Gartley possible
reversal zone target......so therefore needs
carefully watching.

Sitting pretty +190

[slam]

Hi All
On a daily chart, now coming to the end of the wave 5 (of an extended 1st formation), and touched on support line of channel. May correct from around here and if so, should see .6770 (ish)
OSC may lead the way
Look for a double bottom off .6675
Take all this with a grain of salt until confirmation from a more reliable source
Cheers
Slam

[arco]

Hi Slam

EUR.GBP plot has broken the old uptrend
line so we need to see what a test of that
may bring IMO.

Action is still printing within the Gartley possible
reversal zone target......so therefore needs carefully
watching.

Sitting pretty +195

[slam]

Hi arco

I will look again.
do you have an updated chart you can post so I can get my head aroung it?
No probs if you don't

Cheers
Slam

[slam]

Hi arco
good call. (again)
It is now significantly below the downward channel on the daily, and the long term upward on the weekly. Weekly is displaying a nice 5 that started in Jan so if I have this right, we should see a reversal next to a corrective a,b,c wave soon that could ultimately target .6933.
Just a matter of when it turns I guess
Make any sense to anyone?

cheers
slam

[arco]

Morning Slam

Action is still just within the Gartley possible
reversal zone and minor Butterfly target....so there
can always be the chance of a reversal at such points.

Can't figure out your EW count [:I]...can you supply a
chart with it numbered?

Still hanging in +221

[slam]

will give it a go[:I]

maybe a bit simplistic
cheers slam

[arco]

Slam

Good to see the chart, and interesting to discuss EW.

I am not a brilliant E-waver so bear with me

..... your wave 4 appears to have exceeded the
start of wave 1, so I presume you think this
could be a Diagonal with a 5th wave throw-over?
making perhaps 'C' of an ABC Flat correction?
......(correction started May 2003)

Rules of Wave Labeling

Wave 3 can never be the shortest impulse wave.
Wave 2 can never exceed the start of Wave 1.
Wave 4 can never overlap Wave 1
(i.e., cross into the same price area).

Diagonal triangles are part of ending sequences in
a wave pattern, and therefore can occur within a
wave 5 or a wave C. According to Elliott, diagonal
triangles form when market action has moved "too far,
too fast" and represent exhaustion of the trend. The
5th wave of the diagonal will frequently spike sharply
above the upper (lower) trendline of the triangle in what
Elliott called a "throw-over."

[slam]

arco
cheers for the comments
I will have another look at it

slam

[arco]

Slam

Here's my weekly count....see what you think.
(I could be wrong. [B)])

arco