my Elliot Wave count 1 to 5
This is a follow up to my previous post, because the numbers were half off the screen. The wave count is the same 5 waves down in a 4 hour time frame. There are 2 additional Elliot Tools that confirm my count, the EWO (Elliot Wave Oscillator)
which is a free TV Indicator, and the MTPredictor MYP STF. It you look at the red and green cycles in these two different tools you can see 3 red areas (waves 1.3.5 the Impulsive, Complex (Elliot called them Motive waves) and two green areas for the corrective waves 2 & 4.
The whole pattern follows Elliot wave rules, except that we have not yet completed wave 5 which has to go past (below) wave 3... If not it invalidates the entire pattern. Once we complete wave 5 then we can expect to get an ABC of the entire 5 wave pattern UP to complete the entire 8 wave cycle.
MTPredictor placed some trading wave terms there, a TS3 and a TS4 that are not part of my count you can ignore them.
which is a free TV Indicator, and the MTPredictor MYP STF. It you look at the red and green cycles in these two different tools you can see 3 red areas (waves 1.3.5 the Impulsive, Complex (Elliot called them Motive waves) and two green areas for the corrective waves 2 & 4.
The whole pattern follows Elliot wave rules, except that we have not yet completed wave 5 which has to go past (below) wave 3... If not it invalidates the entire pattern. Once we complete wave 5 then we can expect to get an ABC of the entire 5 wave pattern UP to complete the entire 8 wave cycle.
MTPredictor placed some trading wave terms there, a TS3 and a TS4 that are not part of my count you can ignore them.
Note
It looks now that we aren't go down any lower, yet, at least not before going UP strongly for a while. On the chart you can see a TS4 that was projected onto the chart by the MTPredictor Indicator package. Asia appears to have "stolen another trade from us" as my mentor, trading partner used to say. Meaning that during the GLOBEX session they started buying furiously, gapping us far higher, going from a Pivot low in Camarilla pivots to past a R5 in the traditional. Obviously this is impulsive in the extreme. I'm long from the open today.Note
my prediction of UP from November 24th was true. UP for 7 day.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.