EU and EJ should be completing wave 2 soon - wait for confirmation they do not continue to new highs

Elliott wave outlook

Olu's target there seems about right - I was quick and dirty with the Fib tool to arrive at 1.3620. Agree with you on the momentum as wave 3 kicks... RSI will cross the midline (50) and a fast stochastic should swerve to 0

Elliott wave outlook

That looks similar to EU on 1min chart. EU looks like a 5-3-5 zigzag for wave 2 is forming... not ruling out a new high yet, be patient for confirmation. If a zigzag forms and does not exceed 1.36 then will pull the trigger. For those of you who are ...

Elliott wave outlook

IF a new high develops it should be around 1.3620 by some quick Fib projections of the advance today

Elliott wave outlook

Reverse divergence on the RSI suggests another higher high

Elliott wave outlook

As much as I don't want to say this, the current EU wave down from 1.360 doesn't look impulsive but corrective... follow your methodology by all means and check for yourself... Edit: unless that is a leading diagonal in which case wave 1 is almost ...

Elliott wave outlook

elliottwave.com and PM Luis

Elliott wave outlook

EU seems spent but only mild MACD & RSI divergence on that strong move up. Careful...

Elliott wave outlook

Indeed, same as you say... and XAUUSD has the same contracting triangle with wave E barrier triangle as AUDUSD Let's position!

Elliott wave outlook

Thanks for notifying! Massive triangle with targets 35 one way and 29 the other.

Elliott wave outlook

Yes, timing the entry is the trick. We try our best to nail the point where correction turns into a longer turn impulsive trend. For this purpose EW and Fib analysis is really the best toolset I know, as all of us here must agree (with some ...

Elliott wave outlook

That, Cableguy, is the way to trade. Provided your count is correct (and assuming you have sized yourself according to your capital and risk) you cannot go wrong. If you do stop-out in this trade methodology then it means: 1) you took a calculated ...

Elliott wave outlook

Thanks Infinitus for the charts and explanation. My own feeling in this (and I'm speculating wildly) is that the European Union project may fail and break apart and with time the Euro may fall out of use. And decades down the line Elliotticians will ...

Elliott wave outlook

Will be interesting to hear what he has to say. The following chart is not my own (I quickly grabbed it from the web). It shows more history than Advanced Charts provides and tells me that the EURUSD has been in corrective mode since inception and ...

Elliott wave outlook

I guess HH following HL makes sense but looking at the labels (and you mention they're just draft) a move to 1.50 (and as wave C) would require an impulsive advance. Does this fit with the current WXY labeling? Wave W (starting Jan 2013) is ...

Elliott wave outlook

hmmm, yes, the low (1.2042) in late July 2012, right? And before that the last impulsive decline makes the low in June 2010 at 1.1876 That's why I don't like counting the EURUSD chart's history - there are just too many corrective levels embedded in ...

Elliott wave outlook

Nice one, I see you also had the EJ 124 level as a Fib level. Love it when price does that! Glad to see your EU has Y completed. Another X tho'... I wonder if the market has the stones. What makes you expect another X, Cableguy?

Elliott wave outlook

And EJ bounce from exactly 124.00! (nice one Luis!)

Elliott wave outlook

EURUSD has bounced at 1.3460

Elliott wave outlook

Hi Mr Scott. I am reluctant to even try and guess the EURUSD count, since once WXYXZ escalates to the 3rd degree I lose the will to label that. What I do see on the chart is a completed 5 waves up (the last 10 or so candles) to the latest peak. Not ...

Elliott wave outlook