[throughthemud]

I'm looking for turnarounds on the euro at about 1.4655 (wave v equality with wave i) and about 1.4683 (wave (v) equality with wave (i))

I do not expect usd index or pound to break their previous counts.

[throughthemud]

price action looks too strong. i'm switching targets on eur to 1.4685 and 1.4795 (if 1.4700 is broken)

[throughthemud]

price action on euro has been corrective so i'm still looking for another high. pound has been performing as expected. i'll try to get a chart or two up later

[throughthemud]

My first target has been hit but after doing some analysis I don't think that could be the high. I think we're currently in wave iv of (v). If this is true then that means wave i and iii of (v) are approximately equal so v could be very strong. If the current movement goes much below the peak of wave i as I have it labeled then the count would be invalidated but I think that would mean just mean the upward movement will be even stronger.

Targets
1.4795 is about .618 times waves (i) to (iii)
1.4845 would be equality between (A) and (C)
1.4867 would be about 1.618 times wave i and iii as I have it labeled and the base of the movement last September

[thalestrader]

Originally Posted by throughthemud »

My first target

I am curious as to the role of the three moving averages I see displayed on your chart. How do you use them? In your trading, what relative importance do you give them vis a vis your wave counts?

Best Wishes,

Thales

[throughthemud]

Originally Posted by thalestrader »

I am curious as to the role of the three moving averages I see displayed on your chart. How do you use them? In your trading, what relative importance do you give them vis a vis your wave counts?

Thanks for your question. You can ignore the moving averages as they are automatically drawn on fxstreet charts which is where I get the charts I'm labeling from. I do, however, use RSI-7. I need to better identify how this can help me, but as far as my current trading goes I use it to help find the ends of corrective waves and therefore the beginning of impulse waves. Mostly it helps me find the patience to sit through the corrective waves because I tend to overtrade if left with only a price chart in front of me. I will consider this further and maybe throw up a couple charts with it tomorrow.

[throughthemud]

i just realized my earlier targets for the euro are all wrong if my wave count is correct! wave 3 is never the shortest which means if my count is correct the euro will start a massive decline before 1.4780. I tried looking for errors in my count but i'm still confident it is correct. the only other possibility I see is that the wave we are currently in is an extension so we will see 2 new highs instead of just 1.

[throughthemud]

I created a new thread "Trading GBP/USD with Elliott Waves and RSI" to demonstrate what I was discussing earlier. Please take a look.