Interesting day in the markets - reminds me of the time the school bus went close to the edge of the cliff. Check out these beautiful waves in the South Africa 40 index. Often, close to tops (or bottoms) of advances/declines , the waves seem to ...

Elliott wave outlook

Say it ain't so! I'll wait for price to both open and close below 1.26 as confirmation of the downtrend. Edit: I've lost faith in the existence of downtrends... and is that 3 red candles in a row?

Elliott wave outlook

That is a formidable corrective combination in your latest AUDUSD chart. I agree with your large degree WXY because of wave overlap from 2001 - 2008. Contracting triangle in wave X position.. Fib levels correlate really well. Digesting your count is ...

Elliott wave outlook

AUDUSD Scott, Thanks for the update - what you previously hinted at is now clear to see. For my own planning for the week I would like to summarize everything forum members have discussed re AUDUSD to date: 1) My initial hopes for a 1600 pip blast ...

Elliott wave outlook

1.055 seems the next likely target, but please explain your wave c / 1 reasoning - you mean inside the barrier triangle or at a larger degree?

Elliott wave outlook

Thodie, thanks for bringing a longer term AUDUSD chart to the discussion. Now that I've seen longer term price action I can say that the blue count (3) and (4) AND (5) on my previous chart are not valid. Good effort and some few labels I would ...

Elliott wave outlook

Infinitus, thanks for challenging my count. OK, we have to revert to principle, so Guidelines for Contracting Triangle (EWP p.90): "Sometimes one of the waves, usually wave C, D, or E, subdivides into a contracting or barrier triangle. Often the ...

Elliott wave outlook

That is a high reward opportunity, not true? I will do more analysis and post here. My broker is doing maintenance till later on Sunday so I've pulled this 6 year price history for AUDUSD from Bigcharts.com. The thing that concerns me is similar to ...

Elliott wave outlook

I wanted to post the following chart of the South Africa 40 index before, but it was an eventful week for everybody, so now might be a better time. The price action has been relentless with a "going to the moon" mania over the past 6 months. This ...

Elliott wave outlook

Thanks Luis, as you confirm: From EWP (p51): "A triangle always occurs in a position prior to the final actionary wave in the pattern of one larger degree, i.e. as wave 4 in an impulse, wave B in an A-B-C, or the final wave X in a double/triple ...

Elliott wave outlook

AUDUSD - wave e of the contracting triangle seems to be a forming a barrier triangle itself like on the chart below. Assuming that the scenario plays out as anticipated, we can project upside thrust out of the triangle to reach ~1.20. However, I am ...

Elliott wave outlook

Looking at the chart a bit longer, it seems there is a 5-wave triangle (a-b-c-d-e) started in August 2011 and that its e-wave is another triangle which is now completing its own internal wave c. Assuming this triangle goes to wave e during the ...

Elliott wave outlook

Mr Scott, not sure about the AUDUSD but I think your line chart is making the waves difficult to see. On the chart below there seems to be a larger triangle playing out from August 2011 with the triangle you identified perhaps a subwave. Seems this ...

Elliott wave outlook

The DJI hit 14,000 and is now in ending diagonal mode. Mind you, the attached chart has lower pricing than the Dow cash index, but amazing to watch all these tops forming everywhere. And as has been said here many times - wait for confirmation that ...

Elliott wave outlook

Triple Three correction W-X-Y-X-Z Price action formed a 2nd wave during overnight trade and then declined in 5 waves this morning. Since noon a correction has formed and it has traced out a textbook triple three. The subwaves (shown on the 1min ...

South Africa 40 index

A look at the 1hr chart shows what may be an ending diagonal which will be wave 5 of 5 of (C) of ((B)) and possibly end the advance. The red count (shown as alternative count along the bottom of the chart) has 5 of 5 of (C) already in and a terminal ...

South Africa 40 index

image No return to yesterday's levels. In fact, US GDP at -0.1 (q/q) was released, sending metals and EUR pairs up, and most indices down, including this one. Later the FOMC rate statement gave the bulls nothing and the DJI began a choppy decent ...

South Africa 40 index

Price action on the 1hr chart below shows the new all-time highs hit over the past few days. The index has been in a strong uptrend for more than 10 months and at this time topping action is imminent. The wave count is tentative although possibly ...

South Africa 40 index