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Elliot wave count on EURJPY

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By KAUSTUBH 3774 days ago Comments (6)

Here is my attempt to label the EURJPY count...GBPJPY and CHFJPY closely following.

Learning elliot wave and found EURUSD too difficult to label for me at this stage....

<a href='http://postimage.org/image/axrf20z45/full/' target='_blank'><img src='http://s18.postimage.org/yoqsk4zbd/eurjpy.gif' border='0' alt="eurjpy" /></a><br /><a target='_blank' href='http://postimage.org/'>picture hosting</a><br /><br />

 

Comments

  • JohnLast 3773 days ago

    I see the labelling there is a big issue in the Elliott wave counting.

    The issue is if you can repaint the labelling. For example, look at the top at the beginning of A and B wave. How can you know that this is the beginning of a down-trend at that time?

    At that time we were ranging being in up-trend.

    Many of the professional Elliotticians would make the same.

    It is just me that I find this as a problem. 

  • JohnLast 3773 days ago

    By this I do not mean that the analysis is wrong, many of the 'gurus' would make the same counting.

    My idea is that you cannot make an analysis based on future information (information that is not available on the moment), it is the same as repainting of indicators.

    The contrarian position is that you can. Everybody does so.

     

     

  • KAUSTUBH 3773 days ago

    Hello John

    Yes...as far as I know labelling is frequently different for different analysts and there are 2-3 valid possibilities for each chart. As the chart progresses,one of these possibilities come to pass and we change the labels. I wanted some good working system for 4 hr and daily timeframe....and elliot wave could be the one. In above EURJPY chart, as wave 5 completes and correction begins, we dont know wehther it will be zigzag, flat, triagle...only in retrospect we come to know the pattern...wave C of corrrection is often 5 wave pattern if wave A and B are 3 wave zigzag. As wave 5 in corrective minor wave C completes I  expect a new impulsive wave in a new cycle....so 105 to 10.5.5 will be a good area to buy for swing trading.

  • JohnLast 3772 days ago

    I know that there are some possibilities for each pattern, and sometimes there is not pattern at all.

    However you may consisder the issue about repainting or not counts. All this is if we take for granted that the counting is fundamentally true (I have a big disbelief that counting works), for me the Elliott wave patterns are just a very elaborate way to make a market state identification and to find a good spot in the direction of prevailing trend.

     

  • KAUSTUBH 3766 days ago

    Update on EURJPY:

    Now 5 th wave target of C seems to be 103.6, also a solid previous resistance.

     

    http://postimage.org/image/rvq91t28d/